Data analytics when applied effectively has the power to detect and avoid risks in time to potentially save millions of dollars often spent on after-the-fact mitigation, remediation, investigation and litigation. The process efficiencies that it can bring to bear through automation and rationalization of hitherto manual processes leads to further cost benefits. Not to mention the transparency and insights that are available at your fingertips through a robust reporting and dashboarding framework.
From third-wave economics to other major sectors such as healthcare and finance, data is helping decision makers create more robust compliance programs. In June 2020 the DOJ made it clear in their Evaluation of Corporate Compliance Programs that operational reliance on data analytics is no longer a competitive advantage but necessity for adequate compliance functions. The addition of data analytics to your mandate shouldn’t cause a feeling of dread for what we don’t understand or what is too hard to implement.