The compliance toolbox is ready for a new addition
Part of the reason so many of them are on the sidelines is that they don't have a good understanding of what behavioral science-driven compliance is or how it can drive value. Used in compliance, behavioral science is an extension of traditional data analytics that uses artificial intelligence (AI) to identify worrisome behavioral patterns within the data underlying a situation or process.
The analysis flags potentially non-compliant behavior such as frequent meetings with a specific client or facilitation payments to government officials disguised as gifts and claimed as an allowable official expense. By spotting trends and patterns, compliance teams can focus on preventing this behavior in the future.
The takeaway: There's ample opportunity to use advanced analytic tools to pinpoint pattern outliers that hint at non-compliance. These digital tools can even be used to spot behavioral traits that are currently compliant, but where the individual is on course to do something potentially out of bounds. This capability is important because – as one conference panelist put it – most employees don't come to work planning to commit a crime. Most start out doing something minor and work their way toward far worse infractions.