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New DOJ regulations are promoting technological change in compliance

Posted by Indrajit Palit | Jun 09, 2020

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In recent years, the compliance industry has been rapidly evolving and surpassing the regulatory expectations that have been placed on it. The latest update of DOJ’s Evaluation of Corporate Compliance Program Guidance (“DOJ Guidance”) is yet another reminder on how far compliance has evolved and the path forward.

Corporate compliance programs would be required to now incorporate real-time monitoring of transactions, rapid data analysis, emphasis on corporate culture, and organizational justice build on employee engagement, prompt investigations, and consistent discipline.

This has led to compliance automation is quickly becoming a basic requirement.  Depending upon feasibility, it would be ideal to implement a single automated platform to monitor and access information concerning employee reporting, internal investigations, third-party risk management, transaction monitoring, and audit status.  These are basic issues that require ongoing monitoring and assessment.

Compliance vendors are assembling integrated product and service offerings to capture the demand for a single, integrated compliance platform.  Data analytics offerings are available for use with these platforms but more work is needed, and capabilities have to be added.

There are a growing and significant demand for compliance automation that is easy to use and comprehensive in reporting and monitoring functions. Companies have to be careful when implementing single-function platforms to make sure that they are compatible with future offerings and needs.

A compliance program without technology and automated solutions are so far behind the curve that it is hard to imagine how such a program can succeed.  Paper (literally) programs cannot succeed in this electronic and data-driven economy.

Companies have to invest in technology and they have to do so with sufficient commitment and resources. From the compliance program perspective, compliance officers should be educating corporate leadership at senior management and the board on the rise in compliance expectations and the need for rapid evolution in compliance program operation.


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