Compliance programs play an important role in ensuring that companies adhere to legal and ethical standards. In today’s digital age, where data is abundant and easily accessible, the importance of a data-driven compliance program cannot be overstated. This message was driven home very forcefully in a November speech by Nicole Argentieri, Acting Assistant Attorney General for the Criminal Division. She said: “I would like to move on to the use of data. Even in the criminal division, we are working harder than ever to fight this fight. See more +
Data-driven compliance programs have moved from being cutting-edge to now being considered best practices. It will soon become just a stake for companies to effectively manage compliance risk. By proactively monitoring and analyzing data, businesses can identify potential compliance issues, reduce risk, and maintain their reputation and integrity. Collaboration between various departments and formal risk assessments are key elements in establishing a robust compliance program. As technology continues to evolve, the role of data analytics and AI in compliance monitoring is expected to become even more important. It’s important for compliance professionals to stay informed, continually learn, and adapt to the evolving data-driven compliance landscape.
Three important points:
1. Nicole Argentieri, Assistant Attorney General of the Criminal Division, said, “Let me be the first to say that we have been actively using data to litigate FCPA cases, but we are just getting started.”
2. Compliance professionals must proactively analyze data for trends, anomalies, and potential compliance risks.
3. Data-driven compliance programs have moved from cutting-edge to now considered best practice. It will soon become just a stake for companies to effectively manage compliance risk. See more –
