In this episode, I have a fascinating interview with David McLaughlin, founder and CEO of QuantaVerse, which has artificial intelligence and data analytics tools to help companies manage risk more effectively. We discuss the use of such tools and techniques for risk reduction solutions to provide insight into the details of your customer’s customers, which allows a company to not only identify bad actors but also aggressively fight financial crime, including fraud, bribery and corruption. We explore how this downstream approach would allow you to more effectively manage subcontractors to your company’s prime contractors. We consider how artificial Intelligence is transforming internal audit investigations with technology; how it is enhancing compliance programs with predictive data analytics and how artificial intelligence can Help companies reduce FCPA risk.
We conclude with a discussion how the use of AI can bring a more holistic approach to compliance as a business process rather than simply policies and procedures so that the end of the day a company is more profitable. The implications for the compliance profession are profound and these concepts will lead improvements on compliance efficiencies.
For more information on QuantaVerse, check out their website, quantaverse.net
AI will allow the compliance practitioner visibility down into 3rd and 4th tier contractors for compliance issues.Click to tweet