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