Lessons from Albemarle, ABB: How data-driven compliance can help your firm
Data-driven compliance is the use of analytics on a corporation’s data to better identify risks, respond to those risks, test the effectiveness of internal controls, and report to internal and external stakeholders.
Once an aspirational goal available to only the most forward-thinking and well-funded programs, data-driven compliance has become more accessible, thanks to huge leaps in technology made by artificial intelligence (AI) tools.
Agencies like the Department of Justice (DOJ) and Securities and Exchange Commission, through speeches and enforcement actions, are pushing companies to better analyze their own corporate data. As a result, the use of data analytics is moving from best practice to table stakes for compliance programs at major companies.