In the age of digital transformation, the use of data-driven strategies in legal work is inevitable. The right data can help corporations predict potential compliance issues, evaluate the risk profile of transactions, and shape stronger business strategies. Notably, one of the key aspects of capitalizing on this is knowing what data to ask for and how to ask for it. In his recent discussion with Vince Walden, the founder and CEO of KonaAI, Thomas Fox – known as the Compliance Evangelist, shed light on these aspects over a podcast sponsored by KonaAI.
As mentioned in a recent article, the podcast will cover various topics concerning data deployment in compliance, spread across five blog posts. Topics ranged from exploring generative AI and ChatGPT in compliance, insights on corrupt payments’ profiles, and making the business case for data-driven compliance, to understanding what data to request and how to do so, coupled with some success stories.
The profile of a fraudulent payment was among the topics to be discussed, elaborating potentially useful data’s role in identifying red flags in payment systems. Recognizing such patterns can play a significant part in preventing fraudulent transactions and ensuring better regulatory compliance.
Additionally, the podcast series will delve into making a solid business case for data-driven compliance, detailing how organizations can harness and incorporate data use and analysis effectively within their operations. Demystifying this will empower corporations and law firms to move past traditional reactive compliance strategies and forge a proactive, data-enabled path.
The blog series promises to provide impressive insights, and the initial information suggests that it can contribute significantly to individuals and companies hoping to capitalize on data for better compliance processes. The complete podcast series will need to be followed for a full understanding and practical advice on these topics.