Compliance 2.0: The Role of Data and Behavioral Science in Risk Management

Companies continue to chase the most effective compliance program, but despite dedicating inordinate amounts of time and resources to compliance and risk management, many continue to struggle. What is the next step when even the most tailored policies, procedures, training, testing and remediation result in continued failings? In a guest article, Ropes & Gray partner Amanda Raad, and her colleagues Jo Torode and Tina Yu, give practical advice on how companies can implement next-generation compliance programs by focusing on data and behavioral science. Instead of attempting to decipher regulatory expectations to design a compliance program, this approach relies upon companies analyzing their own internal data to identify the behaviors they want to promote or stop on a priority basis. See “Twenty Ways a Company Can Use Behavioral Psychology to Improve Compliance” (Mar. 30, 2016).

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