This week on the Compliance Podcast Network, I am running a multi-part podcast series, Smart Automation for Risk Management, sponsored by Lextegrity Inc. As a part of this series, I had the opportunity to visit with Parth Chanda, CEO of Lextegrity. We visited about the Lextegrity led Integrity Analytics Collective.
What is the Integrity Analytics Collective? I put that question to its founder Chanda. He related that it was launched in 2020 “in partnership with nearly a dozen partner organizations from across the world.” It’s ultimate goal is to “collaborate with thought leaders to further democratize data analytics for organizations of all sizes globally.” The Collective brings together the practitioners from member organizations “who are really ‘into the weeds’ practitioners, they are thought leaders in those organizations and they bring all of us together with as well.” What we all have in common is “a desire to raise the standard of data analytics for everyone who wants access to them.”
The Collective wants to help organizations of any size in the world to accelerate their data analytics as well as their automation efforts. At the core of the collective is building out a library of advanced data analytics, coupled with the ability to create analytics on the fly, through an out of the box solution. The Collective approaches data analytics in a way that opens up data analytics up to any organization. Chanda said, “it’s an ecosystem that we’re creating of ethics and compliance professionals to continue to add new analysis of the platform regularly, including new risk domains.”
The Collective has members from companies as small as under 100 to companies with thousands of employees. Chanda stated, “we understood very early on that this is going to be a massive a cross industry, cross ecosystem effort. Each of those partners has a different perspective on things. Some of them are focused more on behavioral science element of ethics and compliance. Others are really focused on the forensic auditing perspective, the policy and rules-based perspective. We wanted to really have stakeholders from across the knowledge spectrum.” All the while recognizing that “the baseline of analytics is fairly standard. This means if you bring in a forensic auditor to do an investigation, they’re going to have a standard tool set for fraud and corruption analytics that are fairly standard. That is the concept we’ve really democratized. Yet, with an analytics engine, while the standards are fairly democratized and standard across companies, they need to be largely configurable based on the industry, the business model and frankly historical issues.”
The goal of Lextegrity is to take insights, best practices and other information from its Collective partners and then incorporate them into your tools, modules and workflow modules. At the end of the day Lextegrity will have a more robust platform, which it will then share back with the partners or others in the compliance team. Chanda said, “part of our mission with the Collective is really to empower a lot of these expert organizations that do advisory work and provide them options to provide data analytics and automation to their clients, because they are the experts in their space. Again, it is really a difference in model for a software product company.” Moreover, “If there are new analytics, new ideas, new approaches that have worked for others, we want to know about them and make them available in the marketplace.” Chanda believes that it gives everyone a shared commitment to really move the needle forward for organizations and their risk management efforts to build this thought leadership ecosystem around data analytics.
For more information, check out the podcast series running this week on the Compliance Podcast Network.
For more information on the Integrity Analytics Collective, click here.