Data Analytics is a rapidly developing field. Its application to different areas of life is widening by the day. So, it would not be a surprise if it found application in the business world. With a large volume of data available, data analytics finds use in many areas but none more important than compliance.
Compliance is a challenging field whose ambit continues to grow. A key issue for companies is due to the complex and numerous operations, there may be many activities that may be going under the radar. These may become an issue for compliance personnel.
Data Analytics helps mine the sea of information that companies have and helps them determine if there is value to it from the perspective of compliance. In trying to determine value, a data analytics program utilizes algorithms to look for patterns in the aggregated data. This analysis can help identify any cases of policy violations and frauds.
Broadly speaking, data analytics can help a company compliance-related issues in two scenarios:
- An event that has already happened,
- An event that could happen.
In the case of the former, two other things could be studied:
- The reason behind why an event took place,
- What is the action that a business could take given that the said event has happened?
Regardless of whether compliance personnel is studying occurred events or possible events, Data Analytics can help them identify areas of business that can do better.
In this way, Data Analytics can be considered to be a proactive way for businesses to plug their compliance-related issues effectively and devise solutions for those which may have already occurred. A business does not need to be backward-looking and worry about having to handle an issue only once it has occurred if they use data analytics.
The importance of the availability and quality of data for effective analysis cannot be overstated. The more disorganized the data, the longer and more complex the Data Analytics process needs to be to help deliver results. If companies could compile and record their compliance information neatly, they could get more out of Data Analytics.
BA Fintech’s COMPLIANCE iNBOX (CiB) helps companies do exactly that. Not only does it help businesses compile and display their compliance readiness neatly and efficiently, but it also helps them manage documentation, determine workflow, offer alerts, and assign and monitor the progress of compliance management in real-time.
Given the efficiency this tool provides to an organization, it can help it use Data Analytics to leverage the information from compiled data and ensure no potential threats that derail it from compliance and increase the risk to its functioning.
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