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When it comes to compliance technology, there are two challenges. First is finding the right solutions to increase your programs effectiveness. Second is securing the resources to acquire and deploy the technology.
Parth Chanda, Founder and CEO of Lextegrity, covers both topics in this podcast.
When it comes to tech, he explains, you want tools that give you the confidence that your program is effective in practice and not just on paper. You also need to prioritize based on risk, and your organization’s own experience with technology. If the history is short or non-existent, start with something relatively simple such as training or policy management. Tools that can make it easier for employees to report wrongdoing are also invaluable.
To secure the resources you need, he advises making the business case by focusing on the ROI, for example, by showing that investigations can be completed in less time and with less staff.
But, as you look at technology, be realistic and recognize that technology will not remove human judgement. It can expose gaps and gray areas, but then the compliance team will need to step in to understand the nuances and the appropriate solution.