Compliance has come a long way over the last 10 years. But it still has a ways to go until it is firmly embedded into the corporate governance landscape. In this episode, Michael Volkov examines current issues surrounding compliance programs, including the state of the compliance profession, technology and new frameworks; government enforcement trends and predictions; and congressional mandates for compliance.
Compliance professionals are learning about new technologies that are quickly evolving to aid the compliance function. We hear regularly about the promise of artificial intelligence and block chain technology. These new developments will have a significant impact on compliance. But for now there are other areas where technology can help compliance programs today, including automation, data collection and analytics and monitoring capabilities. In this episode,...
I always enjoyed the assumption underlying economic models – assuming people are rational actors, then . . . Sometime people do not act rationally, and sometimes people react out of fear or make unrealistic assumptions. The compliance profession faces many challenges including unrealistic or unfounded assumptions. In many cases, compliance professionals have to reassure their constituencies about the specific implications of a compliance function, initiative...
Tom Fox and I recorded a recent discussion on blockchain technology and compliance. Here is a link to the recording. Tom and I share the belief that blockchain technology could have a significant impact on compliance strategies.
At a recent conference of the high-tech industry, an IBM representative provided a fascinating presentation on blockchain technology and the application to compliance programs. It was a fascinating presentation. Maybe I cam coming to the party relatively late, but blockchain technology, as it gain acceptance in the marketplace, could have a real significant impact on compliance functions. Aside from compliance applications, blockchain could have significant...
This posting is not a “pie in the sky” outline of compliance in the future, when technology works seamlessly with compliance functions. My focus today is on what is happening now in the compliance world when it comes to technology. Unfortunately, this is not a column that is limited to compliance. I am repeatedly struck by the failure of Fortune 500 companies to embrace and...
