Putting the science in compliance: Using nonfinancial data to re-engineer compliance risk assessment
Abstract
Risk assessment is essential to the compliance toolkit, but it is in need of a rethink. Often annually performed, manually compiled and lacking in credible data, its insights can quickly become obsolete, divorced from day-to-day compliance practices. To manage the reach, complexity and interconnectivity of modern compliance risks, it is paramount that firms evolve their approach, repositioning risk assessment at the heart of decision making and cultivating a model based on real-time, data-informed insight. This essay provides the foundations for such a model, providing future blueprints for an AI-integrated compliance risk assessment centred on nonfinancial data and analytics. This article is also included in The Business & Management Collection which can be accessed at https:// hstalks.com/business/.
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Author's Biography
Natalie Mcmanus-Barnett is a former compliance chief of staff for a global bank and the founder of the compliance and ethics thought leadership institute, Innovate Compliance. Natalie is a fellow of the International Compliance Association (ICA) and the Association of Chartered Certified Accountants (ACCA), with specialist qualifications in sustainability accounting and degrees in law, accounting, and politics, philosophy and economics. Natalie specialises in the building of compliance risk frameworks, data-driven risk management, AI disruption, sustainability and compliance innovation.
