Learn about how compliance teams can use technology to enhance their anti-bribery and corruption programme.
On 6th October 2020 Viviane Joynes, Managing Director of the EQS Group’s UK business, hosted the third webinar in the “Bribery Act 10th Anniversary – What we’ve learned so far” series (read part 1 and part 2) which focused on using technology to enhance your compliance programme. She was joined by an expert panel including Rasoul Golparvar, Director at Forensic Risk Alliance (FRA), Trevor Wiles, Partner at the Forensic Risk Alliance (FRA) and Moritz Homann, Managing Director Corporate Compliance at EQS Group. This webinar formed part of the European Compliance and Ethics Conference 2020.
This article summarises the useful information which came out of the discussion.
As with anything, go for continuous improvement
- Don’t forget the feedback loop –Tests, rules and alerts need to be reviewed so that the process is continuously improved. Take the example of financial transaction processing: while machine learning tests generate alerts for suspicious transactions, these tests can generate false positives and there is a real cost to compliance teams in reviewing these. Human intervention is essential in reviewing and optimising this alert generation.
- Ensure early and continued buy-in from stakeholders because you will need them on your technological compliance journey. These typically include the business, internal audit, analytics, IT and legal.