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 firstname.lastname@example.org.