Data Driven Compliance: From Cutting Edge to Best Practices to Table Stakes

Thomas Fox - Compliance Evangelist
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Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than Tom Fox’s award-winning podcast, Data-Driven Compliance. This podcast features an in-depth conversation about the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I take a solo turn to explore how data-driven compliance has moved from cutting-edge compliance to part of a best practices compliance program to becoming table stakes to do business in a See more +
Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than Tom Fox’s award-winning podcast, Data-Driven Compliance. This podcast features an in-depth conversation about the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I take a solo turn to explore how data-driven compliance has moved from cutting-edge compliance to part of a best practices compliance program to becoming table stakes to do business in a multi-national world.

Data-Driven Compliance Programs are revolutionizing companies’ identification of potential compliance issues, mitigating risks, and maintaining integrity. The Department of Justice has given these programs, which use data analytics and AI, the go-ahead because of their capacity to improve business efficiency and stop improper payments. The bottom line is that these programs have transitioned from being cutting-edge to being considered best practices.

Active data monitoring and analysis, inter-departmental collaboration, and formal risk assessments are cornerstones of a robust compliance program. This is because of the power of data analytics and AI in compliance monitoring and the need for compliance professionals to adapt continuously to the evolving landscape of data-driven compliance. Implementing a data-driven compliance program avoids trouble and enhances business efficiency in today’s regulatory environment. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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