FCPA Compliance Practice Pointer: Using Data Analytics for Risk Assessment, Monitoring and Testing
As fluidity in the way we do business becomes the norm, adept compliance professionals capitalize on data analytics to gain a continuous view of FCPA risks rather than relying on an outdated snapshot that is increasingly disconnected from how the business works today. Analyzing data for trends and red flags helps you stay close to the business and monitor shifting risks.
Key Sources of Data:
Compliance Data: Third-Party Due Diligence, Inquiries and Approvals, Surveys and Questionnaires
Financial Data: High-Risk Expenditures
Historical Issues: Hotline Reports, Audit Findings, Investigations
If your organization is still developing its monitoring, testing, and risk assessment processes, consider launching a pilot program before rolling them out enterprise-wide. And remember that your processes must be individualized to match the risk profile of your business.