September 23, 2020

Wall Street Journal Article Highlights Growing Push to Equip Compliance Teams with Data Solutions

Yesterday’s Wall Street Journal highlighted the increasing emphasis and implementation of data analytics and monitoring tools in corporate compliance programs.

In particular, the article points to regulators’ heightened interest in data monitoring tools, and frequent leniency for the firms who utilize them for compliance processes:

The U.S. Justice Department in June instructed its prosecutors to ask companies that come under investigation whether their compliance teams have access to data, if it is being used to monitor for risks, and test policies and procedures. Authorities also have shown in recent settlements a willingness to cut penalties for companies that have implemented data analytics or monitoring tools into their compliance programs.

The push is incentivizing compliance officers to find ways to access financial and operational data, and adopt technology to better screen for risks such as bribery, which can lead to enormous fines if undetected. Businesses have long used data to drive decision-making in other areas of the enterprise, but adoption of analytics tools in compliance has been slow in part due to budget constraints, cultural hurdles and a lack of one-size-fits-all third-party solutions, compliance officers say.

At illumis, we’ve seen a similar growth in demand for data-driven technologies, especially around political contributions and outside business activities. As manual processes prove insufficient for both the demands of regulators and compliance teams, we’ve seen more teams turning towards data platforms to enhance transparency and reduce risk.

Our solutions for legal and compliance professionals provide timely, comprehensive data monitoring - across thousands of sources, including campaign finance contribution data to detect potential pay-to-play issues or policy violations, and other data sets for adjacent compliance needs. These solutions help our customers stay ahead of the curve - and any forthcoming enforcement actions.

If you’re interested in learning more, please reach out to [email protected].


compliance updates
We’re excited to host a webinar regarding pay-to-play compliance around the 2020 election! Please join our team on October 28th at 4 p.m. ET for a conversation with two experts on the subject. We will focus on some of the complexities of pay-to-play law and political contribution compliance and hear from the experts on best practices as well as emerging areas of risk. You can find more details about our guests below and to register, please click here.
compliance updates
Yesterday, we released our second research report to help compliance teams navigate political contribution regulatory compliance. Download our 2020 Candidate Research Report on U.S. House Candidates here!
compliance updates
This summer we’ve continued to build out powerful tools on our political contribution compliance platform to better serve our customers. Today, we’re excited to share three big features we added to the illumis platform: