How analytics helps compliance team members do a better job
But it is not just managers and supervisors who can benefit from the analytics that all this data can support, according to Hayes Management Consulting. “In particular, use of analytics can significantly improve communication between the compliance team and other departments in the organization,” the firm notes. Here are examples of how four compliance team members can get real value from analytics.
1. Compliance officer
An analytics program enables the compliance officer to help create dashboards that incorporate specific areas of potential risks. Dashboards provide operational and action-oriented data by providing alerts to predefined tolerance levels, opportunities for rapid drill down to pinpoint specific claims and the ability to facilitate mitigation and resolution of issues. Analytics tools and rapid access to additional data frees up the compliance officer to spend more time uncovering issues and potential risks.