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In Part 1 of a three-part series, Hui Chen and Parth Chanda discuss how monitoring and auditing of enterprise spend data is a critical part of digitally transforming a compliance program to effectively root out corruption, fraud, asset misappropriation and conflicts of interest. 

In the podcast, they discuss: 

  • The difference between compliance metrics/KPIs and sophisticated data analytics that find hidden trends, patterns and outliers
  • How "top 10 T&E spenders" or "top 10 high-risk third parties" are simple KPIs and are not the types of data analytics on which compliance departments should rely
  • How a compliance organization can overcome fear and paralysis around implementing data analytics on spend data 
  • How law enforcement can request spend data in the course of an investigation and how in-house compliance teams should get ahead of their data and continuously monitor it
  • How compliance teams can gain credibility with the business by providing them with data analytics and not be the only department within the company not effectively using data analytics 
  • Demystifying the cost and complexity of data analytics on enterprise spend and how it is far more expensive for a compliance organization not to use data analytics

Listen below and link here to listen to Part 2 (Third Party Risk Management) and Part 3 (Enabling Ethical Action by the Business).

Monitoring & Auditing Spend Data


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