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).