Harnessing data and analytics to transform compliance

The underpinning of an effective compliance program

Executive summary

In the past 10 years, amazing advances in technology and automation have presented great opportunities for organizations to innovate and realize efficiencies. Yet, as technological capabilities expand, so too do regulatory expectations, including what compliance programs should be. Today’s Chief Compliance Officers (CCOs) are expected to have certain data and analytics (D&A) available at their fingertips from across the enterprise, to recognize and question potential indicia or red flags that are visible in the data and also to utilize D&A to refine and focus their compliance efforts in a more risk-based manner. Recent Department of Justice (DOJ) guidance issued for fraud and compliance programs and the recent regulatory enforcement actions make clear that foundationally, regulators expect more. Proactive planning is needed today.

The question is, can your organization meet these heightened demands for compliance D&A? And how can you help your organization to prepare to meet regulatory expectations today and into the future. This paper sets forth five key areas that CCOs can utilize as they chart a course for more robust, and predictive, D&A capabilities. This includes:

  1. Evaluating your compliance program data needs;
  2. Assessing the data quality;
  3. Sharing compliance data across the three lines of defense;
  4. Integrating and automating data analytics for greater compliance insights;
  5. Crafting predictive analytics that your organization needs.

The viewpoints presented in the following pages leverage the experience and insights of KPMG LLP’s (KPMG) compliance professionals and our top-rated D&A practice, which Forrester ranked as the leading provider in the insights services market.

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