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What makes an effective compliance analytics program?

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Data analytics disrupted just about every business function, and compliance is no exception. Over the past decade, forward-thinking compliance officers were early adopters of incorporating data analytics into their compliance programs. In recent years, however, data analytics evolved beyond “nice-to-have” into a nonnegotiable component of an effective compliance strategy.

For those not yet convinced, just look at the United States Department of Justice’s (DOJ) June 2020 guidance, which states an effective compliance program is based on “continuous access to operational data” instead of assessing risk from a snapshot in time.[1] Practically speaking, companies cannot meet DOJ’s expectations for real-time transaction monitoring without leveraging data analytics.

But what does an effective implementation of compliance analytics look like? This article explores five differentiators of well-designed compliance analytics programs, offering guiding principles for companies to consider when developing or enhancing their compliance analytics strategy (see Figure 1).

Figure 1: Five elements of an effective compliance analytics program
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