Incorporating Data Analytics into a Company’s Antitrust Compliance Review, Monitoring, and Audit Program
We have a robust team of experts here at FTI Consulting across the spectrum of antitrust compliance and investigations issues. During the American Bar Association’s Antitrust Law Spring Meeting, we shared a paper on the importance of data analytics in antitrust compliance programs, which touched on the importance of proactive compliance programs per DOJ guidance. The paper also shared specific, practical guidance for how to establish financial and operational data monitoring and communications monitoring functions.
Recent DOJ guidance and activity has underscored what some compliance departments already know: data analytics create objective, efficient and cost-effective solutions to quickly identify potentially anticompetitive trends and behaviors and build a more robust compliance program. However, these solutions are not plug-and-play approaches. Rather, data analytics frameworks must be designed around an organization’s antitrust risk profile, data points, data sources, and existing software licenses. With careful evaluation and planning, companies can efficiently and cost-effectively incorporate data analysis into their antitrust compliance program across all key areas of monitoring and auditing.
Our detailed paper from the ABA Spring Meeting covers key points including:
- The need for risk assessments at the outset of a new program design and best practices for conducting them.
- Key considerations when mapping and inventorying data sources that will need to be monitored.
- How and why to pilot a program focused on only one risk-type or business unit.
- A step-by-step overview for incorporating data and analytics into a financial and operational monitoring process.
- Tips to follow and gotchas to watch for when fine tuning analytics models.
- How communications monitoring fits into the broader compliance program and how analytics can be leveraged to detect suspicious or non-compliant patterns across all messaging and communications channels.
- How to test, audit and respond to outputs from compliance monitoring solutions.
Proactive compliance monitoring programs are becoming increasing important to mitigate the risks and fallout associated with rising regulatory enforcement. It’s important to note that these programs can be implemented without significant resources or investment in new tools. With the right planning and expertise, a company’s existing data and systems can be used to incorporate data analytics and communications monitoring into any compliance program. Download Incorporating Data Analytics into a Company’s Antitrust Compliance Review, Monitoring, and Audit Program to learn more.
The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals.