- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aly McDevitt2022-12-12T17:20:00
The value-add of leveraging data analytics to mitigate third-party risk is, at this point, common knowledge. Access to real-time data updates and adverse media alerts as well as a single source of truth up and down the chain of command are just a few advantages. Many technology solutions are now equipped with prebuilt integrations, artificial intelligence, and natural language processing.
Still, a tool is a tool. You must know how to wield it to make good use of it—and avoid injury.
A panel of experts at Compliance Week’s virtual Third-Party Risk Management and Oversight Summit last week offered compliance practitioners a how-to primer on just that.
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The chief compliance officers of Google and Uber offer insight into how their data analytics compliance programs have evolved amid enhanced scrutiny on use of technology from the Department of Justice.
Respondents to a survey from Compliance Week and Dun & Bradstreet overwhelmingly indicated cybersecurity to be the most important compliance-related area affecting third-party risk management in the new year, though fraud and other risks should still be on their radar.
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
