Dan Torpey is a forensic accountant CPA and former auditor with over 30 years of public accounting experience. He’s a partner at Ernst & Young and the US leader of EY’s Investigation and Compliance services. With all those credentials, it should be no surprise that Dan is innovating in ways that will ripple through compliance around the world. His most current innovation looks at disrupting risk.

  • EY did a survey recently that showed risk is on the rise: data protection and privacy, cyber threats, regulatory response, and fraud and financial crime issues. This should strike a loud note of concern for anyone in the compliance field. Dan goes into detail on a few of these risks.
  • What is cyber risk? Dan shares a poignant quote. To paraphrase, there are companies that have been breached and companies that don’t know they’ve been breached. There are deep implications in this, especially when it comes to insider threat. Dan shares when ‘insiders’ are most likely to engage in malfeasance and how to identify them.
  • The regulatory response is an age-old challenge, but the threat is not diminished in the least. No company is immune, big or small, and Dan shares some anecdotes that you might have experienced in your daily work.
  • Dan’s work isn’t just about risk; it’s also about opportunity. That’s where his latest innovations are taking stride. There are already advanced technologies available to deal with risk, but the most exciting part is data visualization. Dan reveals some of the ways data visualization is being used and the results from it.
  • Some of the opportunities haven’t reached the mainstream yet like robotic processing automation, or RPA. Another is voice processing and analytics. There isn’t a LOT of use, but both technologies are on the rise.
  • Tom shares one of the insights he had while reviewing Dan’s work. As technological as the solutions are, it still comes back to simple ideas like cutting through silos. Cross-functional collaboration is challenging, even with the company to outside auditors and agents. Tom and Dan discuss how to make it work.
  • The need for robust corporate governance around these issues is pressing. Dan and Tom talk about what that means and how companies are trying to implement it. It starts with senior executives and Dan shares why it must be that way.
  • Dan gives his closing thoughts on the future of disrupting risk and what it will take for compliance officers to stay on top of changing technology.

Download the EY FDA Survey

If you want to stay up to date on the newest innovations coming to compliance, make sure to subscribe, and leave a review!

0 comments