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Creating a culture of data in compliance

Tom Fox | November 2, 2017

You should work to create a culture of data in your compliance program. This comes from an understanding that data is a product, which you can consume internally in the compliance function. Your data is a corporate asset so why not use it. That is a key point that you should recognize. Yet data is not simply big or even scary. It is information that you can use in helping you make better decisions. The CCO needs to find a way to deliver compliance analytics in a manner that is timely within your company’s everyday decision-making calculus.

One of the biggest misunderstandings about using data is that compliance practitioners tend to be myopic. They only look at individual data when it is more useful to know what a population of people are doing. As a CCO, how many times have you heard something along the lines of “If we look we might find something”? This defensive attitude can keep you from making use of some of the most useful information to you, your own data. The more...

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