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In Part 3 of a three-part series, Hui Chen and Parth Chanda discuss how digital transformation can enable better ethical-decision making by your business and make your compliance program much more effective.

In the podcast, they discuss:

  • How compliance can bring data to business decision-makers in high-risk spend areas to enable the business to reduce or rethink spend while improving compliance
  • How compliance teams can bring valuable insights to business leadership teams using commercial data
  • How active monitoring on back-end spend data should supplement or even replace spend pre-approval requirements imposed on the business
  • How smart software tools can leverage multiple data points, from HR data to previous spend data, to target controls more effectively
  • How senior management and board members are currently lacking the right data they need to oversee compliance efforts 
  • How traditional efforts to provide periodic training are not as effective as embedding training throughout company processes using user-friendly software tools and systems

Listen below and link here to Part 1 (Monitoring & Auditing of Spend Data) and Part 2 (Third-Party Risk Management).

Enabling Better Ethical Decision-Making By Your Business

 

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