Harnessing Technology For Legal Compliance

The cost of corporate noncompliance includes not only fines, sanctions and lawsuits, but pernicious long-term damages, including distraction for the firm’s senior management and a compromised brand. In a Today’s General Counsel article, Suzanne Rich Folsom, U.S. Steel Senior VP and Chief Compliance Officer, and Kristyn J. Hyland from Bloomberg Law, explain how corporate legal departments can harness data analytics as a powerful tool to help achieve regulatory and compliance objectives. “Data technology,” they write, “can help to assess compliance risk, provide third-party due diligence analysis, assist with employee training, and drive ongoing compliance program monitoring and management.” Essential steps include launching a systematic risk assessment to identify vulnerabilities and then mapping those vulnerabilities as a step toward precise imposition of internal controls.