Data-Driven Compliance: Predictions for 2023

Partner Andrew Coles was a speaker for Lextegrity’s webinar titled “Data-Driven Compliance: Predictions for 2023” on December 15, 2022 with Ethisphere’s Scott Stevenson and Lextegrity’s Parth Chanda. Top takeaways from the discussion include:

  • Regulatory guidance does not define what “good” means for each company’s compliance program, especially since company risks and risk tolerance differ.
  • Recent regulatory guidance removed the optionality from analytics.
  • Analytics have become a big part of customizing and building a “good” compliance program (i.e., how do you know if your compliance program effective?).
  • Culture assessments are critical to create an environment that empowers employees to speak out against wrongdoings and measures people’s attitudes to their organization. 
  • Analytics allow for monitoring large volumes of data in real time.
  • Data quality and completeness are key to successful analytic programs.
  • Robust compliance programs include close communication and relationships between the CCO and CTO. 
  • No “one size fits all” approach to compliance but you have to start somewhere, even if you are unsure of the end result.

The recording can be found here.

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