Compliance, when done properly and embraced fully, should be seen as a necessary business process. It is our vision that companies have more than a best-in-class compliance program going forward. The time is now for companies to take the next step up to make compliance a part of the business process of the organization.
This would not only allow companies to meet the Department of Justice’s requirement that compliance programs be more fully operationalized, but it is our firm belief, that a more effective compliance program will make the company’s internal controls operate more efficiently and enable it to operate more profitably. With the increased efficiencies for compliance offered by data analytics and artificial intelligence (AI), a robust compliance program can demonstrate internal commercial inefficiencies which can be remediated for greater return from assets.
by Jonathan T. Marks, Partner, Baker Tilly | CPA/CFF, CITP, CGMA, CFE; Co-authored by Thomas Fox.