Organizations today generate extensive data which contain clues about their ethics and compliance risks.
Increasingly, regulators expect organizations to understand their data and what it is reflecting about their risks in order to refine and focus their ethics and compliance efforts. As I discussed in The Wall Street Journal’s Morning Risk Report, however, organizations continue to struggle to get to the data they need to become more predictive in managing their ethics and compliance risks.
Given the growing importance of D&A for ethics and compliance programs, it is no surprise that data analytics is frequently identified as a priority investment and that ethics and compliance leaders are focused on expanding their teams to include data scientists and data analysts. Ethics and compliance leaders should strategically assess—in conjunction with other stakeholders—how to best expand their use of data analytics to enrich their ethics and compliance efforts and enable them to better evaluate their effectiveness and trending risks. The value of investing in the right data analytics today cannot be overstated.