The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into data analytics and highlight the Bank Of America CFPB enforcement action for failures in a data analytics program.

Data analytics is a powerful tool in the realm of compliance and risk management, providing invaluable insights that can help organizations identify potential risks and assess the effectiveness of their compliance programs. Tom emphasizes the importance of continuous monitoring using data analytics, citing a case where Bank of America was fined $12 million due to poor use of data analytics. He advocates for the use of analytics algorithms as ongoing monitoring tools and encourages business units to take an active role in managing their risks. Matt underscores the significance of data analytics in identifying and managing compliance risks. He echoes Fox's sentiments on the need for continuous monitoring and the involvement of business units in risk management.

They also note that both the DOJ and SEC are ramping up their focus on data analytics for corporate compliance, setting higher expectations, especially for larger corporations. This shift is not only transforming the landscape of corporate compliance but also reshaping the way companies approach self-disclosure of misconduct. Join Fox and Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into the implications of the DOJ and SEC's increasing focus on data analytics for corporate compliance.

Key Highlights

The Importance of Continuous Data Analytics
Bank of America's Compliance Risk Management
Effective Monitoring and Surveillance in Financial Services
DOJ's Expectations for Corporate Data Analytics
Uncovering Fraud Through Data Analytics

Resources:

Matt’s blog posts in Radical Compliance

A $12M Lesson on Data Analytics

Some Vague Hints on Analytics, FCPA

Tom

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