How can your business achieve high performance while managing compliance risk? Global organizations are increasingly turning to new data analytic techniques like continuous monitoring, data visualization, voice recognition, anomaly detection, machine learning and robotics to find patterns, make predictions, and comply in an environment of growing regulatory scrutiny.
The benefits of an analytics-driven compliance and monitoring program are many. With their sophisticated algorithms and number-crunching power, these technologies can track high-risk activities and changes in market trends, identify compliance insights and trends, and accentuate your responsiveness to threats of all kinds.
Data analytics can connect disparate systems that historically have never been linkable — for instance, social media, email, text messaging, financial transactions, trades, and travel and entertainment — and reveal compliance hot spots. A background check for a vendor (or an employee) can extract and examine unstructured data such as public opensource information to uncover hidden relationships with high-risk parties, like government officials or organized crime. And, with intuitive dashboards, enhanced interactions and on-demand reporting, today’s tools can make key insights clear and accessible to senior managers.
Data analytics, in and of themselves, are not the only component of a compliance solution. There are four other integral considerations:
Upping your compliance game doesn’t have to involve buying expensive new tools. Put simply, for easy wins, look within your own four walls. There are plenty of steps you can take right now to use your data and your current technology more efficiently: