Vince Walden is a partner at Ernst & Young, and he’s passionate about the digital transformations of compliance-related analytics and innovations. Today, Vince and Tom talk about some of the innovative strategies he helped to develop for General Electric. From training and retention to automation and relevance, accurately observing behavior through data analytics is the key to compliance.
- Compliance officers often struggle with training. Often, training sessions are top of mind for a few days, but as time passes, so too does the knowledge. In working with GE, Vince is addressing the problem using analytics and timely training rather than ‘check the box’ sessions. Learn what the Digital Twin is, and how it’s used in compliance.
- In his magazine article, Vince went into detail about pilot scope. He talks us through the diagram in his article, an excellent visual aid of the digital-twin compliance model and pilot strategy. See the diagram here while you listen along. Rather than trying to boil the ocean, Vince talks about a small, high risk group of people, but rather than pulling single expenses, they identified 34 risk triggers. What he found might surprise you.
- With his new, innovative framework, Vince was able to draw some striking insights about behavior. He mentions the concept of air. The communication should be automated, but it must be intriguing and relevant. A – automatic. I – intriguing. R – relevant. He goes into more detail about this method of looking at behavior and how it can be applied to just about any compliance program. This includes accurate risk scores.
- Having great training delivered via automation isn’t enough. It requires feedback from the employee, and constant tending, tweaking, and refining that reflect the feedback. Vince and Tom discuss how the human element remains prominent in technological innovation. More importantly, you have to be training and solving for the right business problems.
- So often, all the dashboards and reports never leave the compliance office. So Vince asked the question: why aren’t we taking this out in the field? He calls it Compliance 2.0, and his innovative ideas are making waves and increasing employee investment in the program.
- Vince shares his final thoughts: Digital transformation is alive and well in the risk functions of the business as well. It’s not just a topic for marketing, manufacturing, or operations. Embracing that fact can increase compliance effectiveness and advance the integrity agenda of any organization.
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