By Rob Starr, Content Manager, Big4.com
According to a new Deloitte poll, as Department of Justice (DOJ) and Securities and Exchange Commission (SEC) guidance on Foreign Corrupt Practices Act (FCPA) enforcement arrives, so does the 35-year anniversary of the law on Dec. 19, 2012. Still, FCPA compliance concerns remain for corporate leaders, yet use of technology to manage increasingly expansive programs remains low.
Only 6 percent of executives say their companies use data visualization and analytics effectively for anti-corruption purposes. In fact, more than one-third (36.1 percent) do not use analytics at all as part of their anti-corruption programs.
More than one-half of executives (55.4 percent) plan to improve their companies’ corruption prevention and detection programs in 2013. However, nearly one-quarter of respondents (23.2 percent) believe the cost of developing and maintaining those programs will be the biggest challenge companies face in the New Year.
More than 2,100 professionals from industries including financial services, consumer products, industrial products, technology, media and telecommunications responded to polling questions during the webcast, “The Foreign Corrupt Practices Act: 35 Years of Focusing on Anti-corruption.”
Anthony DeSantis, principal in the data analytics practice of Deloitte Financial Advisory Services LLP commented:
“It is surprising so few companies are using analytics effectively in their anti-corruption programs even though regulators are starting to expect it in FCPA compliance,” he said. “Anti-corruption analytics can distill insights from massive amounts of data and help identify both historic and potential schemes. Effective utilization of data visualization, coupled with analytics, may allow companies to identify previously unknown trends, target potential high-risk areas with improved risk scoring, locate geospatial patterns unique to their operations, and gain deeper insight into potential compliance program improvements.”