The panel explores the jurisdictional reach of the law, highlighting the broad scope that can impact U.S. companies, even those with limited ties to the UK. They delve into the roles of potential enforcers such as the Serious Fraud Office, the Crown Prosecution Service, and the Financial Conduct Authority. Practical advice is shared on leveraging AI for compliance, maintaining robust fraud prevention measures, and documenting decision-making processes to ensure transparency and accountability. This episode provides comprehensive insights essential for corporate compliance professionals navigating these complex regulatory landscapes.

Key highlights:

• Overview of Failure to Prevent Fraud Offense
• Enforcement Agencies and Their Roles
• Technological Solutions for Fraud Prevention
• UK DPA Process and Jurisdictional Issues

Resources:

Steptoe LLP

Matt Galvin

Zoe Osborne

Judy Krieg

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK's New Fraud Legislation

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We take a deep dive into their recent article, 'Cross Atlantic Impact, DOJ and SFO, Self-Reporting and Enforcement Priorities,' exploring the critical topic of self-disclosure in the context of both U.S. and UK jurisdictions. The discussion covers the incentives for self-reporting under the DOJ's updated policies, the Serious Fraud Office's new guidance on voluntary disclosure in the UK, and the broadening scope of anti-economic crime laws, including the UK's significant changes effective from 2023. The conversation highlights the complexities and strategic challenges companies face in making self-disclosure decisions, the emerging enforcement focus on cartels and economic crimes, and the ongoing robust enforcement of anti-corruption laws such as the FCPA and the UK Bribery Act. 

Key Highlights  

·      Discussion on Self-Disclosure Incentives

·      Challenges and Implications of Self-Disclosure

·      Changes in UK Law and Its Impact

·      Global Self-Disclosure Strategies

 Resources: 

McDermott, Will and Schulte

Simon Airey

Caitlin Shread

Cross-Atlantic Impact: DOJ and SFO Self-Reporting and Enforcement Priorities

 Click here for KonaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK's New Fraud Legislation

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Today, we look at the distinctions between fraud risk assessments and compliance risk assessments. Despite initial similarities in risk control and governance, the two are fundamentally different in purpose, methodology, and impact. We also explore how compliance risk assessments ensure organizations follow laws, regulations, and policies, while fraud risk assessments focus on identifying, assessing, and prioritizing potential fraudulent activities. Key elements, including fraud schemes, concealment techniques, conversion motivations, and red flags, are discussed. Additionally, we emphasize the need for specialized skills and experience in conducting these assessments and highlight the role of continuous improvement in strengthening organizational resilience against both compliance and fraud risks.

Key highlights:

• Understanding Fraud Risk Assessments
• Key Elements of Fraud Schemes
• Identifying and Evaluating Red Flags
• Connecting Red Flags to Controls
• Compliance Risk Assessments Explained
• Differences Between Compliance and Fraud Risk Assessments

Resources:

BDO

Jonathan Marks on LinkedIn

konaAI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

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In this episode, Tom and Mike look at the specific offenses listed in the Failure to Prevent Fraud Offense and translate them into US-legalese. They discuss common misunderstandings among US lawyers, the broad jurisdictional scope, and specific fraud types under UK law, such as fraud by false representation, failure to disclose information, and abuse of position. They also emphasize the importance of risk assessments for US companies with UK operations to ensure compliance and avoid legal repercussions, and also touch on the potential geopolitical implications and the necessity of having robust policies and procedures to prevent fraud. 

Key highlights:

• Fraud by False Representation
• Fraud by Failing to Disclose Information
• Fraud by Abuse of Position and Obtaining Services Dishonestly
• Corporate Fraud: Participation, Accounting, and Trading
• Risk Mapping and Compliance Strategies

Resources:

Hughes, Hubbard & Reed

Mike DeBernardis on LinkedIn

New Considerations for Companies with U.K. Ties: Home Office Issues Guidance to Organisations on the Offence of Failure to Prevent Fraud

konaAI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

Connect with Tom Fox on LinkedIn

James emphasizes the critical need for cross-functional collaboration within organizations for compliance professionals. It explains that simply focusing on one’s compliance program is insufficient. Instead, engaging with various internal departments and possibly external experts is essential to effectively manage compliance risks, including those associated with the failure to prevent fraud.

Key highlights:

• Why US multinationals need to pay attention
• Cross-Functional Collaboration
• Identifying Key Internal Collaborators
• Engaging Internal and External Experts
• Jurisdiction

Resources:

Miller & Chevalier

James Tillen on LinkedIn

New Considerations for Companies with U.K. Ties: Home Office Issues Guidance to Organisations on the Offence of Failure to Prevent Fraud

konaAI, a Covasant company

Click here for the konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation.

Connect with Tom Fox on LinkedIn

Tom and Jonathan explore the historical context of fraud laws in the UK, the specifics and implications of the new legislation, the role of the Serious Fraud Office under the new rules, and its impact on corporations, especially those with international operations. Jonathan also outlines necessary steps corporations need to take to comply with the Act and prevent fraud within their organizations, including the importance of thorough risk assessments, top-level commitment, and effective communication and training programs.

Key highlights:

• Key Legal Points of the New Law
• Jurisdiction and Global Impact
• Fraud Risk Assessment and Prevention
• Technological and ESG Fraud

Resources:

Jonathan Armstrong on LinkedIn

konaAI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

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In this episode, they take a deep dive into the details of the UK Economic Corporate Crime Transparency Act, specifically the ‘Failure to Prevent Fraud’ offense. Walden, bringing the perspective of a fraud examiner and CPA, discusses the types of fraud covered under the new law and its broad scope, affecting not just UK companies but also US subsidiaries of UK companies. Walden emphasizes the importance of fraud prevention compliance programs and outlines how effective data analytics and risk assessments can help companies prevent fraud. He also explores the integration of advanced technologies like AI in building robust fraud detection mechanisms. The conversation highlights that effective compliance leads to better business processes and profitability.

Key highlights:

• Understanding Fraud Offenses Under the Act
• The Broad Scope of the Act
• Importance of Compliance Programs
• Data Analytics in Fraud Risk Management
• Future of Fraud Detection with AI

Resources:

Vince Walden on LinkedIn

kona AI, a Covasant company

Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation

Connect with Tom Fox on LinkedIn

Tate to discuss the significant changes brought about by the latest UK law on the Failure to Prevent Fraud offense, which was introduced as part of the Economic Crime and Corporate Transparency Act of 2023 and took effect on September 1, 2025. He also highlights the challenges of prosecuting large corporations for fraud. Tom and Sam examine the new compliance requirements under the law, their impact on multinational companies, and the extended jurisdiction that covers actions affecting the UK. Practical steps for companies to take in response to the new law are also discussed, emphasizing the need for a thorough risk assessment and robust compliance programs.

ey highlights:

• Overview of the New Fraud Law
• Implications for US Companies
• Market Response and Compliance Challenges
• Prosecutors’ Perspective and Enforcement
• Corporate Response and Compliance Strategies
• Impact on International and Regulated Entities

Resources:

Clyde & Co

Sam Tate at Clyde & Co

ECCTA’s Failure to Prevent Fraud Offense—Is your Organisation ready?

Check out KonaAI

Click here for KonaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation.

Connect with Tom Fox on LinkedIn

Walden shares insights from the Nicole Argentieri's keynote and ECCP update, emphasizing the DOJ's focus on data access in compliance. We explore the importance of utilizing both compliance and business data for effective fraud and risk management. Walden underscores the necessity for compliance professionals to collaborate with internal audit and finance departments, advocating for a risk-based approach to data analytics and continuous controls monitoring. The discussion also delves into leveraging AI and machine learning to improve compliance efficacy and overall business operations, arguing for the proportional allocation of resources to match the company's sophistication level.

Key Highlights

·      DOJ's Focus on Data Access

·      Understanding Compliance Data Analytics

·      Training Compliance Officers on Data

·      Implementing Continuous Controls Monitoring

·      Cost Savings and ROI in Compliance

·      Proportionate Resource Allocation

·      Documentation and Transparency

Resources

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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AI and data-driven compliance solutions are revolutionizing risk management and fraud prevention practices, offering advanced analytics, machine learning, and automation to enhance decision-making processes, improve efficiency, and proactively address compliance risks. These tools are essential for companies to navigate the complex regulatory landscape. Understanding the transformative power of data-driven approaches in compliance and risk management is critical for every compliance professional. User adoption is critical, for even the most advanced technology will not be effective if not embraced and utilized by compliance professionals. There is also a need to balance automation and human judgment to ensure the effectiveness of these tools in risk management.

Key Highlights:

• Data-Driven Compliance Tools for Risk Management
• Optimizing Decision-Making with AI-Driven Compliance Tools
• Transformative Data-Driven Fraud Detection and Prevention

Tom Fox

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Data-Driven Compliance Programs are revolutionizing companies’ identification of potential compliance issues, mitigating risks, and maintaining integrity. The Department of Justice has given these programs, which use data analytics and AI, the go-ahead because of their capacity to improve business efficiency and stop improper payments. The bottom line is that these programs have transitioned from being cutting-edge to being considered best practices.

Active data monitoring and analysis, inter-departmental collaboration, and formal risk assessments are cornerstones of a robust compliance program. This is because of the power of data analytics and AI in compliance monitoring and the need for compliance professionals to adapt continuously to the evolving landscape of data-driven compliance. Implementing a data-driven compliance program avoids trouble and enhances business efficiency in today’s regulatory environment.

 Tom Fox 

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In this story, Holmes decodes stick figures to solve the mystery. One of the tools he uses is pattern recognition, which plays a pivotal role in data-driven compliance programs, serving as a tool to identify anomalies and potential compliance issues. It involves the systematic observation of data to identify recurring elements or trends, even in seemingly random data, and interpreting these patterns within the appropriate context to provide meaningful insights. The importance of this process for the compliance professional cannot be overstated.

Pattern recognition requires both creativity and flexibility, and it can help predict future outcomes, optimize processes, and inform decision-making in compliance programs. I also discuss the significance of an iterative approach, which involves continuous improvement based on new information and collaboration with others to enhance analytic capabilities and gain deeper insights. Check out this most unique and interesting episode of the Data-Driven Compliance podcast, where Sherlock Holmes instructs the modern compliance professional on Data-Driven Compliance.

 Resources:

The New Annotated Sherlock Holmes

Sherlock Holmes FAQ

 Tom Fox 

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Debnath's perspective on the challenges and strategies in compliance data analytics is centered on the need for clear goals, defined processes, and the importance of early planning and resource allocation. He sees compliance data analytics as a journey rather than a project, encouraging organizations to start with imperfect data and refine their processes over time. On the other hand, McBride's perspective is focused on prioritization, resource allocation, and audience-driven decision-making. He emphasizes the iterative nature of data analytics projects and believes that a successful ethics and compliance program does not necessarily require a large data analytics team, but rather the right roles and support from the IT function. Join Tom Fox and Vince Walden as they delve deeper into these insights with Tapan Debnath and Andrew McBride on this episode of the Data Driven Compliance.

Key Highlights

·      Navigating Data Privacy Laws Across Jurisdictions

·      Strategic Steps in Ethics and Compliance Analytics

·      Unlocking AI's Potential in Compliance Analytics

·      Actionable Insights from Data Analytics

·      Leveraging Documentation for Enhanced Compliance and Risk Mitigation

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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We consider the importance of integrating due diligence systems with business conduct and anticipate 2024 to be a breakthrough year for data-driven compliance. McBride, recognized by the Department of Justice for his work in data-driven compliance, believes in the critical role of data in identifying and responding to risks, testing the effectiveness of compliance programs, and reporting to internal stakeholders. Debnath stressed the need for visibility and alignment with senior business stakeholders during investigations and the use of data analytics platforms to measure integrity and key performance indicators. Join Tom Fox, Vince Walden, Andrew McBride, and Tapan Debnath on this episode of the Data Driven Compliance podcast as they delve deeper into the challenges and importance of data-driven ethics and compliance programs.

Key Highlights:

• Using data analytics to assess program effectiveness
• Proactive risk management through continuous monitoring
• Leveraging due diligence for proactive risk management
• Data transparency and collaboration for compliance success
• Transitioning from external dependencies to internal capabilities

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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Jag emphasizes the importance of solving real-existing problems with AI. Certa's AI tools are designed to address tangible challenges faced by clients rather than being mere marketing buzzwords. Lamba highlights the increasing dynamism in procurement and the prevalence of supply chain disruptions, especially in the wake of the pandemic and geopolitical issues. The agility provided by Certa's AI tools becomes crucial in such scenarios, enabling organizations to navigate these challenges effectively.

The impact of Certa's AI tools goes beyond streamlining processes. Lamba emphasizes that digitization and automation not only enhance efficiency but also enable organizations to be more agile and responsive to changing requirements. By digitizing processes related to compliance, procurement, or environmental, social, and governance (ESG) initiatives, organizations can identify opportunities for improvement and drive better business processes and controls. This not only benefits the organization as a whole but also enhances the standing of the individuals responsible for managing these processes within the firm.

Resources:

Jag Lamba on LinkedIn

Certa

 Tom Fox 

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Vince Walden, an expert in data-driven compliance and fraud examination, has made significant strides in the industry as the CEO of Kona AI. His perspective on the Department of Justice's (DOJ) increasing use of data analytics for proactive enforcement is that it marks a significant shift in the DOJ's approach to enforcement. Walden notes that the DOJ is now actively using data analytics to proactively identify risks and cases, rather than relying solely on self-reporting or anomalies. He believes that data analytics is no longer considered cutting-edge but rather an expected part of a best practices compliance program. His extensive experience in white-collar crime and FCPA cases, as well as his participation in events such as the annual FCPA conference, have shaped this perspective. Join Tom Fox and Vince Walden as they delve deeper into this topic on the next episode of the Data Driven Compliance podcast.

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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Jim Dawson is a seasoned professional with a robust background in sales, pharmaceutical sales, and compliance. He currently serves as the vice president of Compliance Solutions at Core Data, where he plays a crucial role in the development of compliance solutions. Dawson's perspective on "data-driven compliance in pharmaceutical companies" is that data is a vital tool for improving compliance programs and preventing potential issues. He emphasizes the importance of data analysis to identify patterns and behaviors that may indicate potential compliance risks and believes in the power of predictive analytics to proactively implement controls. Dawson also underscores the significance of data in state price transparency reporting and auditability. He sees data as a valuable tool for monitoring, assessing, and improving compliance programs in pharmaceutical companies. Join Tom Fox and Jim Dawson on this episode of Data Driven Compliance to learn more about his insights and experiences.

Highlights Include:

• Enhancing Compliance Programs with Data Analysis
• Monitoring and Justifying Pharmaceutical Price Increases
• Increased Scrutiny of Physician Payments and Compliance
• Managing Conflicts of Interest in Pharmaceutical Companies

Resources:

Jim Dawson on LinkedIn

Qordata

 Tom Fox 

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Marta Cadavid, a Colombian accountant and co-founder and CEO of NoFraud Latam, is a passionate advocate for fraud prevention and detection. Marta’s perspective on “AI-based fraud prevention software developed by Northrop La Tam CEO” is shaped by her belief that fraud is a significant issue causing financial losses for companies and that current detection methods are slow and ineffective.

Mart and her team have developed Fraud Explorer, a software that uses artificial intelligence to detect fraud in real-time, significantly reducing the typical 12-month detection period. Marta emphasizes the importance of a diverse team in developing effective strategies to mitigate risks related to fraud and other misbehaviors in companies. Join Tom Fox and Marta Cadavid on this episode of the Data-Driven Compliance podcast to learn more about her innovative approach to fraud prevention.

Highlights Include

• Transforming Compliance Through Data Analytics
• Effective Strategies in Compliance and Risk Management
• The Role of Data Analytics in M&A Compliance
• Leveraging diverse data sources for risk assessment
• Managing Risks: Vendors, Customers, and Employees
• Strengthening Compliance Programs Through Team Collaboration
• The Power of Generative AI in Compliance
• Enhancing Compliance Programs with Predictive Models
• Factors Influencing Budget Approvals and Getting Budget

 Resources:

NoFraud Latam

Marta Cadavid on LinkedIn

 Tom Fox 

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Tom Fox and Rayne Towns are seasoned professionals in the field of compliance. Fox is a leading authority in the industry and the Compliance Podcast Network’s founder. Towns are Nokia’s global head of ethics and compliance, risk, and monitoring. Fox thinks that risk management and fraud prevention strategies based on data are the next steps in the compliance field. He stresses how important data analytics are for making compliance programs work better. He also acknowledges the need for human interpretation and utilization of the data.

On the other hand, Towns sees data-driven compliance strategies to strengthen and improve the compliance program’s effectiveness, using data analytics to identify and address gaps in the compliance program. She also emphasizes the importance of prioritizing and starting with solving specific problems when implementing data analytics. Join Vince Walden, Tom Fox, and Rayne Towns on this Data Driven Compliance podcast episode to learn more about their perspectives on data-driven risk management and fraud prevention compliance strategies.

Highlights Include:

• Transforming Compliance Through Data Analytics
• Effective Strategies in Compliance and Risk Management
• The Role of Data Analytics in M&A Compliance
• Leveraging diverse data sources for risk assessment
• Managing Risks: Vendors, Customers, and Employees
• Strengthening Compliance Programs Through Team Collaboration
• The Power of Generative AI in Compliance
• Enhancing Compliance Programs with Predictive Models
• Factors Influencing Budget Approvals and Getting Budget

 Resources:

KonaAI

 Tom Fox 

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The advent of artificial intelligence (AI) is revolutionizing the landscape of legal and compliance investigations, enhancing substantiation rates, expediting case closure times, and preserving crucial evidence. Tom Fox, a seasoned expert in the field, firmly believes in the transformative potential of AI in this domain. He posits that AI can significantly improve regulatory compliance by enhancing substantiation rates, shortening case closure times, and preserving key evidence. Fox’s perspective is shaped by the current challenges initially posed by the COVID-19 pandemic, which made traditional methods of internal interviews and company data analysis less feasible, and those challenges coming out of the pandemic.

He advocates using AI technology to search unstructured web and social media data, leading to more efficient and conclusive investigations. Furthermore, he underscores the importance of data preservation and the ability of AI to analyze large volumes of social media data, thereby reducing investigation length and promoting fair institutional justice. Join Tom Fox in this episode as he delves deeper into this fascinating topic.

Highlights Include:

• Leveraging AI for Efficient Compliance Investigations
• The need for speed
• Enhancing Compliance Investigations with AI-Based Data Preservation

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Tom Fox 

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Sheetal Parikh is a seasoned attorney with over 18 years of experience in the financial services industry, currently serving as the Associate General Counsel and VP of Compliance at Treasury Prime. Drawing from her extensive background in securities and commodities litigation and regulatory work, Parikh advocates for a collaborative approach to integrating Fintech and banks, with a strong emphasis on compliance. She believes that Treasury Prime’s role is not to offload compliance functions but to provide banks and Fintech with a toolkit and set of tools, both through technology and expertise, to establish a compliance program that suits their specific risk profile and use case. Parikh also foresees a future where fintech companies offering banking products and services will face more direct oversight and regulation, as they are currently regulated indirectly through banks. Join Tom Fox and Sheetal Parikh on this episode of the Data Driven Compliance podcast to delve deeper into this topic.

Highlights Include:

• Banking Integration and Compliance Solutions
• Responsible Innovation in the Banking Industry
•  Consequences of Regulatory Non-Compliance
• Regulating Fintech Companies as Banks

 Resources:

Sheetal Parikh on LinkedIn

Treasury Prime

 Tom Fox 

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Today, we take things differently as Tom Fox visits with Ari Tulla, founder and CEO at ELO. Ari is a tech entrepreneur and healthcare innovator with a background in the tech sector who has made significant strides in personalized nutrition and healthcare. Ari believes that the future of healthcare lies in the convergence of healthcare and food systems, envisioning a future where personalized nutrition plans are prescribed to patients alongside their medication. This perspective is shaped by his experiences navigating the healthcare system during his wife’s health issues and his belief in the importance of behavioral changes and lifestyle improvements over-reliance on medication alone. His company, ELO Health, embodies this vision by offering smart supplements based on individual data and blood biomarkers, aiming to prevent and reverse chronic conditions through personalized dietary plans. Join Tom Fox and Ari Tulla on this Data Driven Compliance podcast episode to learn more about Ari’s revolutionary approach to personalized nutrition and healthcare.

Highlights Include:

• The Intersection of Healthcare and Nutrition
• Revolutionizing Nutrition with Personalized Smart Plans
• The Future of Prescribed Nutrition for Healthcare
• Finding Meaning and Purpose in Healthcare
• Revolutionizing Healthcare through Personalized Nutrition Plans

Resources:

Ari Tulla on LinkedIn

ELO

 Tom Fox 

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We take things in a data privacy direction today as I visit with Rachael Ormiston, Head of Privacy at Osano, whose No Penalties Pledge sets them apart in the privacy industry, offering customers assurance that they won't face fines for non-compliance. In conversations with Tom Fox, Rachael Ormiston discusses the importance of privacy as a business differentiator and the impact of GDPR. Trust is highlighted as crucial for building a positive customer experience. Osano has developed a privacy maturity model to help companies assess their progress and prioritize compliance. Their website offers valuable resources, catering to both experts and beginners in the field. Rachael emphasizes the increasing importance of data privacy and the need for companies to prioritize it at the executive level.

Highlights Include

·      Osano's No Penalties Pledge

·      Privacy as a Business Differentiator

·      The Importance of Privacy Compliance

·      Data Privacy and Free Resources

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Osano

Tom Fox 

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I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we have discussed generative AI and ChatGPT in compliance, the profiles of a corrupt payment, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories, in this concluding Part 5, we will look at some compliance successes using a data driven approach.

In the world of business, compliance is a critical aspect that ensures organizations adhere to legal and ethical standards. Compliance not only helps companies avoid legal troubles but also plays a significant role in improving business efficiency and profitability. In this episode, Tom and Vince considered the advanced compliance tools for fraud detection and cost savings. Our discussion entailed a comprehensive analysis of the key factors that impact advanced compliance tools for fraud detection and cost savings, exploring the tradeoffs involved, the challenges faced, and the importance of considering the impact on decision-making.

Key Highlights:

·      Invoice Price Discrepancy Detection and Recovery

·      Compliance-driven Efficiency through Fraud Risk Analysis

·      Shifting Travel Expenses for Manufacturing Observations

·      Integrating Multiple Data Sources for Fraud Detection

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we will discuss generative AI and ChatGPT in compliance, the profiles of a corrupt payment, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories. In Part 4, we discuss what data a CCO needs to ask for and how to do so.

Vince Walden brings knowledge and experience in continuous compliance monitoring and risk assessment processes. Walden’s perspective on the topic is that it should be approached as a journey, not a one-time program. He emphasizes the importance of proactive risk assessments and continuous monitoring, advocating for an iterative approach demonstrating constant improvement in compliance efforts. This perspective is shaped by his belief that meeting regulatory expectations requires a diligent and ongoing commitment to improvement.

Walden also suggests that data sources should be identified based on the results of the fraud risk assessment and that the ease of obtaining the data should be considered when prioritizing analytics projects. To delve deeper into what data a CCO should ask for and how to ask for it, join Tom Fox and Vince Walden on this Data Driven Compliance podcast episode.

Key Highlights:

·      Continuous improvement through risk assessments and monitoring

·      Effective risk assessment through diverse data sources

·      Uncovering hidden relationships through expense categories

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we will discuss generative AI and ChatGPT in compliance, the profiles of a corrupt payment, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories. Part 3 discusses how to make the business case for data-driven compliance.

Vince Walden, a seasoned professional with over 25 years of experience in compliance and risk management, is the founder and CEO of KonaAI, a software company specializing in automating data management for compliance and fraud risk management. Walden believes that compliance professionals play a crucial role in data-driven risk management. He emphasizes the need for these professionals to make a business case for data-driven compliance to both risk professionals and the CFO or head of operations.

According to Walden, data-driven compliance not only aligns with regulatory expectations and avoids risks, but it also improves the overall functioning of the business by identifying hidden money, reducing costs, eliminating waste and fraud, and preventing improper payments. His perspective is shaped by his extensive experience in the field, including his work as a consultant, fraud investigator, and forensic technologist. Join Tom Fox and Vince Walden as they delve deeper into this topic on this episode of Data Driven Compliance.

Key Highlights:

·      The Importance of Data Driven Compliance

·      Effectively Conveying Compliance Value to CFOs

·      The Impact of Data Driven Compliance

·      Maximizing Compliance ROI through Risk Mitigation

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we will discuss generative AI and ChatGPT in compliance, the profiles of corrupt payments, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories. In Part 2, we explore the profiles of corrupt payments.

Vince Walden is an expert in identifying high-risk payments and preventing corporate corruption. His belief in the ability of data analysis and collaboration to find patterns and warning signs shapes his viewpoint on these issues. He shares his experience from a research project where companies collaborated anonymously to analyze the profiles of improper payments, using risk-scoring transactions and applying anti-corruption tests to identify high-risk attributes. Vince emphasizes the importance of transparency and access to data to proactively investigate suspicious activities, serving as a guardrail to prevent potential corruption. Join Tom Fox and Vince Walden as they delve deeper into this topic on this Data Driven Compliance podcast episode.

Key Highlights:

·      Attributes of High-Risk Payments Analysis

·      Uncovering Suspicious Sales Spikes in Poland

·      Detecting Improper Payments with Data Analysis

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

I recently had the opportunity to visit with Vince Walden, founder and CEO of KonaAI, for a podcast series on the uses of data driven compliance. Over these five podcasts, we will discuss generative AI and ChatGPT in compliance, the profiles of corrupt payments, making the business case for data-driven compliance, what to ask for and how to ask for it, and some success stories. In Part 1, we ask, ‘What’s all the hype around generative AI and ChatGPT in compliance’?

Vince Walden is a seasoned professional in the field of generative AI and chatbots, with a particular focus on compliance monitoring. He firmly believes that these technologies have the potential to improve the efficiency and effectiveness of compliance monitoring significantly. Drawing from her extensive experience in technology-assisted review and his current role at Kona AI, Walden sees practical applications for generative AI in navigating compliance monitoring functions and interacting with data dashboards, eliminating manual intervention. However, he also acknowledges the potential pitfalls of over-reliance on generative AI, such as the risk of false statements and the need for fact-checking. Despite these challenges, Walden remains optimistic about the future of generative AI and chatbots in transforming the compliance industry and explains why you should.

Key Highlights:

·      The Evolution of Compliance Monitoring with Generative AI

·      Efficient Compliance Monitoring with Generative AI

·      The Importance of Fact-Checking ChatGPT

·      Customizable Compliance Monitoring Tool for Companies

Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

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In this podcast episode, Tom Fox and Julie Myers Wood, CEO at Guidepost Solutions take a deep dive into the intersection of compliance and generative AI and how this intersection will lead to more data driven compliance.  Wood emphasizes the importance of understanding the various ways AI can impact a company, including internal use, sales, compliance tools, freelancers, and criminal exploitation. Compliance teams need to have a comprehensive inventory of the tools being used and understand the capabilities and limitations of AI to ensure compliance and mitigate risks.

They discussed the need for companies to be aware of the potential risks associated with AI and have clear policies and procedures in place to protect intellectual property. He also discusses the importance of employee retraining and thoughtful decision-making when integrating AI into business practices. Overall, the podcast provides valuable insights into the challenges and considerations of incorporating AI into compliance programs, emphasizing the need for compliance professionals to adapt and stay informed.

Highlights Include

·      Key Considerations for Compliance and AI

·      Importance of Inventorying Tools and Managing Risks

·      AI and Intellectual Property Protection

·      Challenges of Implementing AI

·      AI and Compliance

Resources:

Julie Myers Wood on LinkedIn

Guidepost Solutions

 Tom Fox 

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In this podcast episode, Tom Fox and Jason Patel delve into the critical aspects of go-to-market security, market intelligence security, and customer privacy enforcement in today’s digital world. They discuss the importance of protecting businesses and customers’ experiences, leveraging data for security and marketing strategies, and ensuring compliance with privacy legislation like GDPR and CCPA. They highlight the services offered by Cheq, a company specializing in go-to-market security, and stress the need for real-time compliance and a transparent approach involving various stakeholders. The conversation also explores the risks of relying solely on vendors for compliance and the impact of opt-in and opt-out strategies on data privacy. Looking ahead, they predict data privacy to be a leading issue, emphasizing the need for clear and explicit internet regulations to protect businesses and consumers.

Key Highlights:

• Check: Go-to-Market Security and Customer Privacy Enforcement
• Designing GDPR-compliant controls
• Real-time compliance in data tracking
• The Impact of Opt-In vs. Opt-Out Strategies
• The Future of Internet Regulations

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Cheq

 Tom Fox 

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In this podcast episode, Tom Fox and Heidi Hunter, Chief Product Officer - GBG Americas, explore the intersection of compliance, risk analysis, fraud detection, and cybersecurity. They discuss the importance of identity verification solutions in meeting regulatory requirements and mitigating fraud during customer onboarding. The conversation also delves into the challenges and opportunities of AI in compliance, emphasizing the need for transparency and documentation. AI's role in risk analysis and fraud detection is examined, highlighting the need for human reasoning and oversight to overcome AI's limitations. The importance of understanding and mitigating cybersecurity risks is emphasized, with a discussion on red-team and blue-team exercises. Overall, the episode provides insights into maintaining compliance, mitigating risks, and addressing threats in the financial industry.

·      Identity verification solutions

·      Challenges and Opportunities of AI in Compliance

·      The Role of AI in Risk Analysis

·      AI and Fraud Detection

·      The Importance of Understanding and Mitigating Cybersecurity Risks

Resources:

Heidi Hunter on LinkedIn

GBG

Tom Fox 

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Data analytics is a powerful tool for uncovering trends and detecting fraud – and it’s essential for compliance and internal audit roles. In this podcast episode, experts discuss how to use analytics to its fullest potential. From conducting a formal risk assessment to creating a control inventory list, to looking at suspicious payment activities, the journey of compliance monitoring is broken down and explained. Predictive analytics and artificial intelligence are also discussed as potential future developments that can be utilized. This podcast provides an insightful look into the importance of data analytics and how it can help make informed decisions.

Key Highlights

·      Data Analytics Usage

·      Compliance Monitoring Journey

·      Detecting Fraud

·      Data Analytics

·      Free Resources

 Resources:

Anselmo Guevara on LinkedIn

 Tom Fox 

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Data has become much more ubiquitous and needs to be incorporated into business processes. AI data cleansing helps to reduce false positives and provides context to alerts generated by the system. AI capabilities are divided into three categories: removing duplicative content, detecting risk, and providing context. AI-powered data cleansing strips out non-human generated content and focuses on what was sent by an individual. This helps to lower false positives in alerts generated by the system. 

The need for eCom surveillance is increasing as communication sources become more varied. Slack, Zoom, Teams, Bloomberg chat, and Ice chat are all becoming commonplace, and companies need to be able to capture data from these sources. Artificial intelligence and machine learning models are being deployed to empower a compliance officer to focus on what's important and be risk-based. Companies that have been hesitant about the cloud are now moving their data to the cloud. 

The amount of voice business that is happening over Zoom and teams and other voice channels has skyrocketed. Regulators have been very clear that you need to capture and record that voice data. Customers have asked for more and more data sources to capture, including audio. Compliance teams need systems to manage collaboration, case management tools, and review tools. Technology allows compliance teams to no longer use Excel or SharePoint to manage their own internal processes. 

The combination of technology and compliance is transforming the industry. Artificial intelligence capabilities have come a long way in the past few years and are already good enough to provide a lot of value to customers. The innovation over the next few years will be on the defensibility front, proving defensibly why something was alerted on and why something else was not. Technology is available to capture every data source that's out there, and it is essential for compliance teams to leverage this technology to remain compliant and competitive.

 Key Highlights

·      Ecom Surveillance

·      Cybersecurity Data Management

·      AI and Compliance

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 Tom Fox 

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Data compliance risks are a major concern for organizations of all sizes as data collection and storage grows. A key is to prevent these risks by detecting misconduct before it occurs. AI technology is used to pinpoint risk and misconduct, providing context to alerts. Searching unstructured data is a critical process for organizations to identify and mitigate hidden risks, and the right technology is necessary to incorporate multiple file types and data sources. By equipping with the right processes and technology, organizations can proactively look for hidden risks and take preventative steps to ensure compliance.

Data has become much more ubiquitous and needs to be incorporated into business processes. AI data cleansing helps to reduce false positives and provides context to alerts generated by the system. AI capabilities are divided into three categories: removing duplicative content, detecting risk, and providing context. AI-powered data cleansing strips out non-human generated content and focuses on what was sent by an individual. This helps to lower false positives in alerts generated by the system. 

Regulators are now focusing on prevention as part of best practices compliance programs. A key is to prevent misconduct before it occurs by setting expectations that this behavior is not tolerated in the organization. Compliance teams can quickly take action and remediate activity when an incident is found. Consistent approach by compliance teams in quickly remediating bad behavior creates a culture where misconduct is not tolerated.

Unstructured data is data that doesn't have a hierarchy associated with it, such as Word documents, emails, and text messages. Your app built on unstructured data analytics problems, such as responding to government requests, cyber breach response, and compliance monitoring. Organizations should have processes in place to proactively look for hidden risks. Technology is needed to search through unstructured data to find hidden risks.

 Key Highlights

·      Data Compliance Risks 

·      Data Cleansing Importance

·      Preventing Misconduct

·      Detecting Risk with AI

·      Searching Unstructured Data

 Resources: 

Tom Fox 

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In this episode, Tom welcomes Jakub Ficner, Director of Partnership Development at Case IQ. We discuss how to unlock data through investigations and monitoring. With the Department of Justice’s 2023 Evaluation of Corporate Compliance Programs emphasizing the importance of assessing and monitoring risks, Investigative Monitoring is an invaluable protocol for companies to demonstrate their commitment to compliance. This protocol involves collecting data from an investigation to identify anomalies and assess risks, allowing companies to create a culture of compliance and meet the Department of Justice’s requirements.

This structured process allows data analysis and root cause analysis to understand a topic better. Continuous improvement is essential for any compliance program, and Investigative Monitoring provides a way to collect data and ensure fair and consistent outcomes, as well as focus on time and resources. Conversations between two parties are important for gaining insight into a topic, making Investigative Monitoring an essential tool for any company.

Key Highlights:

• Investigative Monitoring
• Investigating Anomalies
• Continuous Improvement
• The Process

Resources:

Jakub Ficner on LinkedIn 

Case IQ

 Tom Fox 

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In this episode, Tom welcomes Christian Perez-Font for the first of two parts on using performance bonds and data analytics to guarantee these transactions and the legal requirements and nuances of different jurisdictions when conducting due diligence. They also discussed how technology changes how companies manage Latin American operations, how practitioners need to understand Excel spreadsheets, and how to share data to benchmark and extract the correct information. Christian's background in engineering and economics has helped him incorporate data analytics, compliance, and law into a unique package. Tune in to Data Driven Compliance and stay ahead of the curve in the compliance world!

Key Highlights:

• Law Compliance & Data
• Data as Fuel
• Data Analytics in M&A
• Data Analytics in Compliance

Resources:

Christian Perez-Font on LinkedIn 

Thinkeen Legal

 Tom Fox 

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Data Driven Compliance is back with another exciting episode featuring the insightful Vince Walden from KonaAI. In this episode, Walden and host Tom Fox discuss how data analytics can help uncover potential FCPA enforcement actions, using the Philips case as an example. They delve into the benefits of internal controls and the segregation of duties to prevent bribery and corruption. Walden goes on to examine the customer 360 model, which focuses on analyzing customer orders to pinpoint risky transactions and potential improper payments. Additionally, they explore Kona AI’s platform, which utilizes advanced algorithms to pick up problems and highlight high-risk transactions.

The podcast also features a discussion on the use of artificial intelligence and how machine learning can help compliance professionals identify anomalies that require investigation. You won’t want to miss the exciting upcoming episode where Walden showcases real-world examples of how companies can use machine learning in 2023.  Tune in to Data Driven Compliance and stay ahead of the curve in the compliance world!

Key Highlights

·      Data analytics for FCPA compliance detection

·      Kona AI's Customer Analytics and Risk Assessment

·      Improper Vendor Payments Tracking

·      The importance of second level reviews in internal control

·      Analytics and Investigating Fraud Potential

·      Improving Precision in Machine Learning Models

KEY QUOTES

“Just those basic type of analytics could have been easily spotted these issues.”

“These are the types of things that when you could just sort, you would be able to find those high risk transactions.”

“Nowadays the technology is there to spot these types of activities when compliance has access to the data.”

“Let's see if this event took place. And he just did a simple Google search on the Internet couldn't find the event.”

Resources:

Vince Walden on LinkedIn 

KonaAI

 Tom Fox 

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In this episode, Tom welcomes Volovich, the Compliance Therapy doctor from Qmulos, to discuss how to bridge gaps between compliance, security, and risk management. Volovich emphasizes the need for education and evangelism to unlock the value that compliance could offer businesses. He introduces their compliance therapy branding and highlights the importance of evidence-based compliance management through automation to improve trustworthiness. As we move towards real-time risk governance, automation is key for continuous attestation. Compliance processes have been highly manual and outdated, but regulatory bodies recognize the importance of automation in managing risks. 

In the podcast, Tom Fox dives into the need for convergence in compliance and discussing risk in real-time and translating technical terms into risk frameworks. If you're interested in the convergence of compliance, security, and risk, check out Qmulos' published guide and resources on their website and social media profiles. Don't miss out on the chance to learn from the experts and continue the conversation with Igor Volovich and Tom Fox. Listen today! 

Key Highlights

·      Introduction of Compliance Therapy Expert

·      Objective Compliance Management: From Opinion to Evidence

·      Importance of trust and governance in data

·      Revolutionizing Compliance Processes with Automation

·      Effective Risk Management for Businesses 

KEY QUOTES

“Most of the folks have these really weird misconceptions about what compliance is We need to reframe the mindset to rejoin the conjoined twins of compliance and security and risk and get them back together.”

“How do we evolve from this opinion-based compliance management, to objective evidence based compliance management. That's the question that we asked. It's more robust. It's more trustworthy. it's more real. Right? We're moving from fiction to fact.”

“Within the sphere of influence that we actually do have, how much control can you exert? How much control can you demonstrate reliably, incredibly? To me, that's the metric. How much can you prove about what you know? Is it belief or is it true? That's the thing that we try to focus on.”

“The ultimate answer is, of course, automation, you can't throw more people at the problem.”

Resources:

Igor Volovich on LinkedIn 

Qmulos

 Tom Fox 

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This episode of Data Driven Compliance features an insightful discussion between host Tom Fox and guest Dave Crozier from Certa. Dave explains how Certa’s workflow automation platform eliminates swivel chairs, data silos, and process blind spots to make the due diligence process more efficient and trustworthy. They discuss the importance of validating and fact-checking data using validation techniques and exception-based triggers. The conversation also touches on supply chain risk management and the advantages of data-driven controls. Dave emphasizes the need to tailor solutions to an organization’s requirements and resources and benchmark against industry standards. This podcast is a must-listen for compliance officers, board members, and anyone interested in improving their risk management framework. So, tune in to the Data Driven Compliance and learn from industry experts like Tom Fox and Dave Crozier!

Key Highlights:

·      Digital Transformation and Workflow Automation for Risk Mitigation

·      Importance of Validating Information

·      Supply chain risk management and automation

·      Customized Risk Management Strategies

·      Automation and Transparency for Efficient Compliance

·      Continuous Learning and Workflow Automation in Organizations

 KEY QUOTES:

“I can tell you that, you know, from my own personal experience and our client’s experiences, that not all data coming from all places is created equal.”

“Having different techniques that could be deployed along the way that don’t add friction to the process. It’s a breadcrumb trailer of authentications that happen for all of these data sources along the way to make sure that, you know, you’re going in the right direction.”

“Think of validating the tax ID that is valid and authentic in the eyes of the registry directly.”

“To be able to capture content and serve it, you know, fit for purpose wise to the user is a critical aspect from our perspective.”

Dave Crozier on LinkedIn 

Certa

 Tom Fox 

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In this episode, Tom welcomes the Co-Founder, CEO of Redgrave Data, Mollie Nichols, for an insightful discussion on the importance of data in legal matters and the use of AI in legal representation. Mollie shares her extensive experience in digital evidence, e-discovery, privacy, and client data and her time as an assistant US attorney in Texas. Redgrave Data’s clients are mainly tech companies facing complex big data legal issues and specialize in providing high-quality services. Mollie discusses how Redgrave Data automates data processes for clients, saving them thousands of dollars a day. They also examine the importance of data governance in corporate governance and analytics tools’ critical role, particularly in the legal industry. To learn more about Redgrave Data’s services, head to their website. Don’t miss this engaging and informative episode of Data Driven Compliance.

Key Highlights

· Preserving Data Compliance

· The Power of Technology in Law

· Data visualizations for legal strategy development

· Redgrave’s Data Governance Services and ESG

· The Importance of Data and Corporate Governance

· Data Governance and Analytics in the Cloud

 KEY QUOTES

“It’s really important to understand what data is in play, what data is relevant to a particular matter so that you can take reasonable steps to preserve it.”

“Most of our clients at this point are tech companies that expect from their legal representation that their lawyers will be dealing with their issues using the same type of technology that they would expect to use in their business.”

“I had a team of developers that would quickly put together some sort of utility… And we had tools that we built that we saved clients millions of dollars in a very short fashion.”

“It’s taking that type of information and being able to present it meaningfully. But we do that through using these tools.”

Resources:

Mollie Nichols on LinkedIn 

Redgrave Data

 Tom Fox 

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Is your company's data fit for purpose? In this episode of the Innovation in Compliance podcast, host Tom Fox welcomes Malcolm Hawker of Profisee, a company that creates MDM software, to discuss the importance of data quality, master data management (MDM), and data governance. They also explore how proper data management can drive exceptional results, reduce costs, and ensure compliance.

Key Highlights

• Data must be accurate, complete, timely, and unique to be fit for purpose within an organization's business processes.
• Master data management (MDM) solves the "single version of the truth" problem, helping organizations maintain consistent and trustworthy data across various systems and departments.
• Effective data governance involves creating and implementing policies and procedures related to data management to optimize value, reduce costs, and ensure compliance.
• Regardless of technology trends, the foundation of accurate, consistent, trustworthy, and fit-for-purpose data remains essential for successful decision-making and operations.

Notable Quotes

"Data quality is all about making sure that you have data that is fit for purpose, that can be used efficiently in operations within the business, can be accurate and consistent, and trustworthy within the analytics, the reports used by that organization."

"My point here is that from a governance perspective, …the foundation of data quality, master data management - all the things that go into creating accurate, consistent, trustworthy, fit-for-purpose data - those things never go away."

"Modern younger business leaders are turning to LinkedIn, and they're turning to YouTube and podcasts for these types of insights. I need to be where the business leaders are."

Resources:

Malcolm Hawker on LinkedIn 

CDO Matters LIVE Podcast

Profisee

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In this episode, host Tom Fox brings in industry expert Dale Waterman as a guest to discuss data sovereignty and its implications for businesses. Waterman, Managing Director at Secretariat, shares his experience in the Middle East and Africa region and how US companies looking to invest in the region need to be aware of local laws and their complexities. Listeners will learn about data protection principles, such as data minimization and de-identification, and the importance of considering third-party risks in data protection. Dale also provides tips for improving data security and predicts a growing trend of cybersecurity and data governance convergence. Tune in to this podcast to learn how to navigate issues related to data sovereignty, cross-border data transfer, and evolving data privacy and protection laws. Subscribe to the Data Driven Compliance podcast today!

Key Highlights:

·      Data sovereignty and cross-border laws

·      The Global Impact of Tech Surveillance

·      Data Sovereignty and Regulations in the EU vs. the Middle East

·      Future Challenges in Data Governance

 Notable Quotes:

"The sovereignty of data refers to the fact that no matter where the data moves, across borders, you still apply the laws of the country where the organization is based."

The term is I've talked briefly about the fourth industrial revolution, and you've got these data driven technologies, and all of them are predicated on an ability to access and process data, and they need that free flow of data across borders.

"Step number 1 is we've got this broad global move by governments to kind of aggregate data and keep control of it."

"All of this, again, is created in this concept of sovereignty where the data's ours, and you can't send it out our region unless x, y, and zed happens."

 Resources

Dale Waterman on LinkedIn

Secretariat

 Tom Fox 

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With a focus on financial services, insurance, and Fintech companies, Clausematch ensures compliance with regulations by managing policies and procedures and tracking changes. Likhoded explains how adopting this platform contributes to increased business efficiency and compliance, highlighting its value during times of crisis. Plus, listeners can expect to learn about upcoming trends in compliance technology, including those mandated in areas such as data privacy, ESG, and cybersecurity. Take advantage of innovative ideas to elevate your approach to compliance – subscribe to the Data Driven Compliance podcast today!

 Key Highlights:

· The Importance of Dynamic Compliance Programs

· Real-time Governance and Compliance Reporting

· Clausematch Platform and Dynamic Compliance Programs

· Smart and Connected Compliance Strategy

· Compliance Technology and Emerging Regulatory Frameworks

Notable Quotes:

“It’s not enough anymore to have a compliance manual sitting on the shelf; it needs to be distributed. It needs to have engagement. It needs to be communicated.”

“Our goal was to enable collaboration on content that needs a strict and strong governance process.”

“Our platform is used for managing policies and procedures in a way that enables companies to track every single change every time a policy changes to prove that this change complies with the regulations.”

“We have seen an increased number of RFPs requests for proposals specifically in compliance and policy management in large organizations, not just financial services.”

 Resources

Evgeny Likhoded on LinkedIn

Clausematch

 Tom Fox 

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As a co-founder of RegScale, Karmel discusses their journey of cultural transformation in compliance, creating an API-centric platform to provide real-time evidence and automated reporting for compliance gaps. We highlight the need for a philosophical change in compliance and discuss the evolving regulatory and business landscape. Don't miss out on this insightful podcast episode!

Key Highlights

·      Scalable Compliance Solutions 

·      Reg Ops: Applying DevOps to Compliance

·      Streamlining Compliance Reporting with Real-time Information

·      RegScale: Solving Compliance Challenges for Enterprises

·      Modernizing Compliance through Regulatory Operations Approach

Notable Quotes

"Realize this manual paper-based process of trying to demonstrate regulatory compliance is just not something that can be scaled manually."

"It needs to be easier for the producer and consumer to produce and consume the content."

"You can present the status of your compliance program, where your gaps are in near real-time, where the associated risks are, and the cost to remediate."

"Unless there is this transformation of how we do our jobs by leveraging a regulatory operations approach to leverage the best of the machine and the best of the human, we're already behind the eight ball."

 Resources

Anil Karmel on LinkedIn

RegScale

 Tom Fox 

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Aron Clymer spent twenty years in Silicon Valley and corporate America, working with enterprise software and data. After building a data team at Salesforce, he decided to become a professional services expert to gain experience with multiple industries. He created Data Clymer, a full-stack data engineering firm, to help businesses extract value from their data. Through data warehousing and business intelligence tools, Aron and his team can give companies access to all the data they need. By democratizing data access, Aron is helping companies create a competitive advantage and trust in their data.

Key Highlights

·      How can companies gain a competitive advantage through data? 

·      What is the modern data stack, and what does it involve?

·      How can businesses make the most of their data to ensure trust and accuracy?

 Notable Quotes

1.     "What's beautiful about a central data warehouse for any organization is it takes all of your data and puts it in a single location - so you can extract the value of all the data you have and create a competitive advantage."

2.     "You have to trust the data before it becomes valuable." 

3.     "It's worth the effort to think it through and model your data in a consistent way." 

4.     "Any employee in a company should be able to access data very easily."

5.     "Data is critical for all that - data governance, data cleansing, data integrity."

 Resources

Aron Clymer on LinkedIn

Data Clymer

 Tom Fox 

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Key Highlights

·      ERP & EPM Explained  

·      Data Privacy and Security in Financial Technology Solutions 

·      Ensuring Data Accuracy and Quality Assurance Through Governance 

·      The Importance of Documentation in Vendor Selection

·      Utilizing Data Analytics to Get Insights

·      Benefits of Implementing Environmental, Social, and Governance Programs

·      Building Data Streams: Connecting Siloed Data for Success 

Notable Quotes

1.     " I laugh because it sounds completely imaginative, but you'd be surprised that how many organizations and some of the leading organizations and fortune 500 ones that are relying on somebody's word that that their numbers are okay."

2.     "I take the, you know, the full unbiased approach where I'm happy to recommend the system that I don't implement just because I don't do it for the money that comes out of it. I do it to make sure that that you get the right solution for your business." 

3.     "It's also equally important to make sure that you have the documentation around your governance in place."

4.     "The companies that are going to bring it together in the most meaningful way are the ones that are going to better compete in their industry."

 Resources

Daniel Villani on LinkedIn

Villani Analytics

Key Highlights

·      Sanctions & trade compliance are the new FCPA.  

·      Data-driven compliance for sanctions & trade compliance. 

·      Data-driven ESG?

·      The cost of meeting ESG standards.

·      Economic benefits of sustainability.

·      Research with MIT and Integrity Distributed on the data sharing consortium.  

Notable Quotes

"It's not hard. Now they have to put the chips on, which is a variable."

"You really have to mine the supply chain and use, you know, text analytics, text mining beyond just traditional accounting tools. To get into the weeds in that supply chain to find out where risks are located." 

"It's funny. This is why I love our profession that we're all in. It's compliance and any fraud professionals, there's always something new, always something changing."

 "With a much broader overview. So you can see the big picture."

 Resources

Vince Walden on LinkedIn

KonaAI

Key Highlights

·      Improving Fraud and Analytics With Internal Audit Reorganization. 05:35

·      Benefits of Pre-Audit Surveys and Programs. 09:20

·      Improving Fraud Detection through Data Dashboards. 12:42

·      Employee Satisfaction Survey Results. 16:21

·      Exploring Financial and Legal Risks in the Risk Universe. 19:35

·      Using Real Risk Data for Near Real-Time Reporting. 23:12

·      The Art of Conversation: Connecting with Ryan. 30:09

Notable Quotes

1.     “What would you do to make the organization better?"

2.     "Let's automate this stuff. Let's try to automate this and give others more time to drill down into understanding the data, whether it be journal entries or whether it's fixed assets or inventory.”

3.     "We started sending that out twice a year asking employees a series of Where do you see fraud and corruption risks? Where do you see concerns? And you really start to pull that data in and into internal audit as well?"

4.    "If you were the boss for the day, what would you do to make the organization better?"

Resources

Ryan Hubbs on LinkedIn

KonaAI

In this episode, I visit with Matt Kelly as we consider investigates the importance of data analytics, the compelling central conflict between the abstract importance of analytics and the lack of guidelines on how to actually do it, which forces innovative thinking to build a strong business case to get the data your compliance program needs.

Key Highlights

1. How can compliance officers build a good data analytics program.

2. What are the challenges around data analytics?

3. How can data analytics be used to guide policy changes and provide guidance for internal investigations?

 Notable Quotes 

1.     “They don't say anything about data analytics. So it is really quite interesting that we talk about how important it is, but there aren't too many guidelines on what it is you should do.

2.     “You really need to define what risks you want to monitor. Then after that, you need to start thinking through what is the data that would inform me about this risk?.”

3.     “You need to be able to see the small individual transaction that's an outlier and the large all transactions moving in a trend.”

4.     “Sometimes there are ways to get that data that aren't necessarily obvious right away, but once you do think of them, could be an easier way to capture that data. You just need to, keep on thinking it.”

Resources:

Radical Compliance

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Key Highlights

·      Using Data Analytics to Navigate the company’s compliance challenges [00:06:04] 

·      AB InBev's Internal Tool BrewRite.  [00:10:09] 

·      Monitoring and Assessing Business Ethics and Compliance Risk via Quarterly Reports -[00:21:47]

 Notable Quotes

1.      "The first thing we wanted to see is, how do we kind of slowly introduce them to the concept of data program?" 

2.     "For us, the words simple and effective, what we want to do is see how people are taking their day-to-day jobs and making it much easier." 

3.     "At the end of the day, these are the people who are actually looking at a particular area, identifying the risk or mitigating a risk. They're the source of a lot of things that get done within the company. So it's so important for us to focus on them as audience is because they're the people who can leverage the tool to the maximum value and also at the same time provide us great input because the closest to the business and the transactions that are happening across the ground to evolve types of risk we are looking for so we can continue to progress." 

4.     "We want to build something like that internally, and we've really titled this the quarterly ethics of compliance assurance report.""

 Resources:

Connect with Dheeraj Thimmaiah on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn

In our inaugural episode, I visit with Vince Walden, a forensic data analytics expert and the CEO of Kona AI, a cutting-edge compliance monitoring platform. He has a long history of consulting for white collar crime investigations and forensic data analytics. He has worked on high profile data analytical projects such as Anheuser Busch's BrewRite platform.

Key Highlights

1. Discover how data analytics can be used to fight global corruption and identify improper payments.

2. Learn how data transparency and cost-effectiveness are paramount to an effective compliance program.

3. Investigate how data analytics platforms can be used to keep organizations out of trouble and make the business better.

 Notable Quotes

“Compliance professionals are now being looked at to help spearhead this initiative around business transparency, especially into their third parties or their employee activities, and sometimes even customers or distributors.”

“Getting companies to commit resources to it, it needs to be cost effective.”

“Data analytics is always a topic at the conferences, at the conferences on social media, et cetera. Gaining insights into transparency in your data is paramount to an effective compliance program.”

“Being able to make the business better by adding cash back onto the balance sheet and stopping improper payments or finding errors or stopping a corrupt payment before it's paid, that's all making the business better.”

 Resources:

Connect with Vince Walden on LinkedIn

Check out Kona AI

Connect with Tom Fox on LinkedIn