Last week I attended the ExL Aggregate Spend and Open Payments Conference in Philadelphia and had the opportunity to moderate the “Compliant Collaborations with HC Entities Across Global Transparency Landscapes” panel discussion. The conference hosted a series of panels and presentations aimed at predicting the forecast for the future of compliance. I left the conference with three key takeaways:
The evolution and modernization of compliance was at the forefront of nearly every conversation, with a particular focus on the need for predictability moving forward. We are experiencing a movement toward a proactive approach where data is being analyzed to identify potential issues in advance, as opposed to playing defense to react and respond after the fact. Being predictive enables better compliance practices, such as knowing when to shift resource focus from lower-value activities to high-risk/high-value activities. One presentation showcased how IBM’s Watson proposed using robots to improve compliance. The robot would detect activity that falls outside of good policy and practice to predict potential compliance and regulatory risks. This forward-looking approach is crucial as the use of analytics to predict is becoming a key component of good compliance practices.
The second takeaway is the impact of globalization on compliance. Companies must adhere to global regulations and industry standards that vary in complexity and scope. Having global corporate compliance policies that provide baseline requirements as a corporate standard while allowing for regional and local considerations is important for robust compliance programs. Using technology to standardize implementation of global policy was a key element that organizations are implementing to support corporate compliance policy as well as to provide for analytic capabilities using systematic methods.
Compliance officers have a wide-angle view of the entire business - understanding what is happening in all individual departments – and therefore can offer c-suite executives a holistic view of overall corporate risk. Compliance having a seat at the table may not only help to achieve business goals but also impact the bottom line. With regard to mergers and acquisitions activity, specifically where corporate risk is very high, including compliance in the conversation may reveal valuable insights to the overall M&A due diligence process.
Lastly, I was heartened by MediSpend’s active role in and acknowledgment of these three themes. MediSpend’s compliance cloud has the capabilities to support a modern compliance environment through a full lifecycle solution that also includes reporting and analytics. Our solutions cover global needs and allow compliance to have a higher value stake by enabling access to data that will then allow for valuable insights and predictive capabilities.