31 Days to Effective Compliance Through Innovation: Day 9 - The Competitive Advantage of Data

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The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are urging companies to enhance their use of data analytics in compliance programs. This includes not only detecting and preventing illegal conduct but also enhancing remediation through continuous improvement. In 2019, former Deputy Assistant Attorney General Matthew Miner stated that the DOJ will investigate compliance departments' access to internal data to identify misconduct and ensure adequate use of data analytics in reviews of companies under investigation. Since 2016, the SEC has been urging compliance professionals to incorporate corporate information into their compliance programs to make compliance more efficient and business processes run more effectively. It is crucial to identify available and unaccessible data and find ways to bridge the gap.

Three key takeaways:

1. DOJ pronouncements mandate CCO availability to and use of data.
2. Data can be an actionable solution across geographic and business lines.
3. Use data as a business strategy.

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