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.
Use technology to improve employee engagement
- Make compliance accessible and user-friendly – If we take policy management as an example, the standard practice is for companies to save all of their policies on an Intranet page but this makes it difficult for employees to find the information they need. Moritz made the point that policy management technology can help companies to categorise policies and make them searchable, which makes finding policy information far easier from the user’s perspective.
- Improve communication and training – Trevor highlighted short punchy 5-10 minute online training sessions which employees carry out in their own time and at their own speed. Mobile apps can also help with “compliance on the go” enabling employees to read the latest policy on their smartphone and do their online training when they are on the move. Notifications and banners provided by apps can also help to ‘nudge’ certain behaviours and actions.
- Acts as a deterrent – As highlighted another benefit of technology which is that when actions are being tracked it makes it more likely that employees violating ethics and compliance codes and rules are identified and prosecuted. So technology also helps to reduce employee temptation to engage in misconduct.
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.