- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2023-03-07T13:30:00
In public remarks made over the last few years, multiple officials at the Department of Justice (DOJ) have said the agency is now using data analytics to detect criminal conduct—and that they expect compliance functions to be doing the same.
The idea of using data analytics for compliance purposes did not gain much traction until 2020, following publication of the DOJ’s revised “Evaluation of Corporate Compliance Programs” guidance. That guidance, in part, represented the first time the agency explicitly laid out its expectations compliance departments should be using data analytics to proactively monitor compliance risks.
In a recent webinar sponsored by EY, the chief compliance officers of Google and Uber offered insight into how their own data analytics compliance programs have evolved.
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Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
One of the ways the Department of Justice will assess a firm’s compliance program is by judging how accessible and visible a company’s data is to its compliance function, an agency official told attendees at Compliance Week’s 2023 National Conference.
Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
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If there was one takeaway Diana Kelley offered during her keynote address at Compliance Week’s 2024 National Conference, it was that artificial intelligence tools—especially generative AI—need compliance.
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