Workshop A — Behind the Scenes of Building an Effective Data Analytics Program- From Capturing “Clean” Data to Achieving True Data-Driven Compliance and Monitoring

Jun 13, 2023 9:00am – 12:30 PM

Stephen Lee
Former Federal Prosecutor/Founder
Stephen Chahn Lee LLC

Mihnea Rotariu
Director of Risk and Compliance Analytics

Workshops are In-Person only and will not be Livestreamed

  • Compliance programs must be built and customized to fit the unique risk profile of each individual company. An effective compliance program, and robust risk assessment is essential to any business. After you properly assess your risk profile, the next step in building an effective compliance program is to gain reliable internal and external data. This session will discuss how to acquire clean data, and how to synthesize that data.
  • Key Topics:
    • Approaches to building a data analytics program (e.g., internal, external or hybrid) and the resources needed
    • Identifying the data needed, the process for acquiring the data and overcoming challenges around data availability and quality
    • Collecting data across multiple different systems and assessing what data is important; what data is being captured; and what data is not being captured accurately
    • Identifying data sources and deciding how to aggregate the data to ensure good input and output
    • Evaluating the internal and third-party data analytics tools that are available, and deciding which data feeds your organization can leverage
    • Cleaning the Data by utilizing a continuous feedback loop to eliminate false positives
    • Real-world examples of data output reports; discuss how to assess the data; and, determine if the program is capturing the right data
    • Determining what to do when payments and expenditures are above aggregate risk score thresholds:
    • Providing training and ongoing support to ensure that employees and third parties can analyze incoming data to determine if it is consistent and trustworthy
    • Connecting monitoring programs with existing or new pre-approval systems