Innovation in compliance translates to a business advantage for companies. “This can be easily seen in the introduction of artificial intelligence (AI) into a compliance program by bringing technology that will improve the efficiency of compliance and will assist in the operationalization of compliance into the fabric of every business that embraces it,” writes compliance and audit expert Thomas Fox in the FCPA Compliance & Ethics blog.
AI allows the compliance practitioner to understand the subtle clues in a pattern of activity that will clue him or her in to take a different look, says Patrick Taylor, CEO of Oversight Systems. It’s like seeing a pattern in “raked leaves” which allows you to then step in and take a deeper and broader look at an issue, either through an audit or an investigation, he adds. This is where the compliance practitioner can step back and literally keep an eye on the big picture and longer term as opposed to just the immediate numbers and information in front of him or her. It may also be the best hope for finding the kind of systemic fraudulent behavior that can be massively damaging to companies.
