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
David Lombardy recently launched his own regulatory and compliance consulting firm, Pillar Compliance Group, to assist investment managers with the development, implementation, and ongoing monitoring of their compliance programs. In reviewing the regulatory environment around pay-to-play compliance, he saw the value in using illumis’ political contribution monitoring platform to provide the best risk coverage available for his clients.
compliance updates
For the last few months, Blucora – a FinTech company providing software solutions for wealth management and tax preparation – has waged a war against Ancora, an Ohio-based investment advisor who had acquired a minority stake in the company and sought to reconstitute Blucora’s board.
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We are excited to announce that illumis has been named “Best RegTech Startup” in the 2021 FinTech Breakthrough Awards! The award recognizes our creativity in mitigating operational risk related to political contributions and pay-to-play risk.