Posts Tagged ‘data analytics’
The Unsexy Keys to Data Analytics
Compliance officers need a strong data analytics capability for their programs to succeed, so today I want to talk about the nitty-gritty “infrastructure issues” you need to resolve with the rest of the enterprise if you want to get that capability where it needs to be. This has been on my mind since I moderated…
Read MoreConcerns Over Access to Data
Today let’s return to the Justice Department’s newly revised guidance for effective corporate compliance programs. Specifically, let’s give a close analysis of what those updates say about compliance officers’ access to data and IT systems. For starters we should appreciate why access to data is such an important issue for the Justice Department at all.…
Read MoreQuestions on Data Analytics and Fraud
The Association of Certified Fraud Examiners has just released a new benchmarking report on anti-fraud technology, with some interesting findings about fraud detection that make me wonder whether compliance folks are managing internal controls as efficiently as we might. ACFE published its 2024 Anti-Fraud Technology Benchmarking Report on Tuesday, based on a survey of nearly…
Read MoreSome Vague Hints on Analytics, FCPA
The Justice Department is stepping up its own use of data analytics to identify instances of corporate misconduct, and will boost its cooperation with overseas law enforcement to bring more anti-corruption cases as well, a senior department official said this week. The remarks came from Nicole Argentieri, acting assistant attorney general for the Criminal Division,…
Read MoreA $12M Lesson on Data Analytics
The Consumer Financial Protection Bureau has fined Bank of America $12 million for failing to supply accurate data about home mortgage applications, in a case that provides some fascinating lessons about the importance of data analytics and auditing your compliance program. The CFPB announced its enforcement action on Tuesday, and at first glance the case…
Read MoreTips for Compliance and Data Analytics
The other day I had the great fortune to moderate a webinar on data analytics in compliance programs with Kirsten Liston, founder and CEO of Rethink Compliance. We had a great time and Liston certainly knows her stuff on data analytics, so I took lots of notes. Let’s review the major themes that arose from…
Read MoreA Mixed Picture on Compliance Efforts
Most large companies are doing at least passably well at managing compliance risks around third parties, although the vast majority are also still struggling to develop strong data analytics capability, according to a compliance benchmarking survey from two of the biggest names in the advisory world. KPMG and law firm White & Case published their…
Read MorePointers on Data Analytics
The other day I had the good fortune to moderate a webinar on data analytics in the compliance function. Considering the pressure corporate compliance programs are now under to develop strong analytics capability, let’s review some of the main points and themes that emerged from the discussion. For starters, compliance officers should take another look…
Read MorePCAOB Alert on Audits, External Data
The PCAOB published fresh guidance last week about how auditors should handle evidence supplied by others to help the auditor assess financial statements, important performance or valuation metrics, and, well, all the other stuff that can go into an audit report these days. The guidance is formally titled “Evaluating Relevance and Reliability of Audit Evidence…
Read MoreThoughts on AI From the Audit Perspective
The other week I had a post about the risk management challenges corporations will face as they integrate artificial intelligence into business operations. Several days later, my friend the Cybersecurity Auditor called me. “Dude,” he said, “I have many issues with AI and I think we’re missing another important point here.” OK, I replied, and…
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