Why Are Compliance Teams Turning to Data Analytics?2 Experts Assess Technologies for Analyzing Data
To improve compliance efforts, organizations can turn to a number of technologies, including data analytics. Vincent Walden, managing director at Alvarez and Marsal, and Andrew Levine, partner, Debevoise & Plimpton LLP, share their views on making the most of automation and integration tools.
“The pandemic saw increased use of data analytics for data monitoring by compliance teams," Walden says. "As compliance and audit teams could not pay site visits, data analytics went a long way in risk assessment.”
Levine adds: “There is an increased reliance on data as a critical tool for mitigating risks. We need to understand how to use that data on a regular basis to understand changing risk profiles."
In this video panel discussion the two experts discuss:
- What compliance teams should measure with data analytics;
- Techniques for preventing potentially improper payments;
- What trends compliance professionals can anticipate in 2021.
Levine, a partner at Debevoise, regularly defends companies and individuals in criminal, civil and regulatory enforcement matters and has conducted numerous internal investigations internationally. He serves as an adviser to several global companies and frequently advises clients on compliance matters, including conducting risk assessments, enhancing compliance programs and mitigating transactional risks.
Walden, managing director at the New York-based consultancy Alvarez & Marsal's disputes and investigations unit, specializes in forensic data analytics, continuous controls monitoring, information governance and legal discovery services. He provides technology perspectives on proactive compliance programs as well as reactive investigations.