How can compliance teams harness better data to make more confident decisions? What’s the best way to capture meaningful insights that drive organizational change? Robust compliance analytics can meaningfully answer both of these questions, but often, compliance teams don’t have access to the insights they need.
Today, we are changing that. It is with great pride that we introduce you to the future of better decision-making with our new reporting and analytics platform—GANalytics. We have reimagined how compliance data flows through the platform into insightful dashboards and astute reports, ultimately empowering you with the tools you need to take your compliance program to the next level.
GANalytics sits on top of fundamental compliance processes to provide a complete picture of your compliance program with a real-time feed of information. Our highly intuitive reporting and analytics tool provides you with the knowledge you need and keeps critical stakeholders looped in at all times. When managed effectively, data can be a powerful catalyst within your program and the greater business.
However, the first step in improving your program’s analytics is taking an integrated approach. Integrated Compliance Management (ICM) is a holistic approach to managing compliance, ethics, and risks within enterprise organizations. Integrated programs have many advantages over siloed systems. One of the main incentives for bringing all your compliance processes together under one roof is having a single source of data. Once all of your compliance data is in one system, reports and dashboards help your team make data-driven decisions, allowing you to take a more proactive approach to risks within the organization.
Before we dive too much further into ICM and GANalytics, let’s take a step back. Why do compliance teams need advanced solutions? And what’s the goal of compliance analytics in the first place?
The Compliance Analytics Problem
The pace at which organizations expand, regulations evolve, and the world changes impose a level of agility and adaptability almost impossible for a compliance team to meet considering the shortage of resources, human resources, and outdated tools the compliance industry offers.
At GAN, we see compliance teams grappling with volumes of data collected from scattered, disjointed programs trying to conceive risk scenarios and appropriate mitigation plans for the entirety of a business exploring avenues in cut-throat markets. Then there’s the compliance team, who is always the first to be held accountable when things get ugly.
It’s also worth considering the extensive amount of time and effort goes into collecting large volumes of compliance data. Once the data is collected, how is your team deciphering patterns and trends? Are you aware of your margin of error likely due to human intervention? The cherry on top of data collection is the necessary rinse and repeat assessments compliance needs to complete at a regular cadence. All of these questions and considerations cause compliance departments to be less agile and effective.
The Goal of Compliance Analytics
A useful place for compliance leaders is in the strategy seat. One in which Chief Compliance Officers can bring tangible action plans the business can adopt to strengthen its performance without jeopardizing an ethical position. Those strategic plans have the power to position the company at a competitive, strategic advantage.
Ultimately, you want to deploy a compliance management program that makes the best use of data allowing you to monitor all compliance processes in real-time, uncover the risk areas, and alert stakeholders when they stray beyond acceptable performance. The more proactive you can be about risks within the organization, the better positioned you will be to protect the company’s ethics and bottom line.
The goal of compliance analytics is to strengthen the program overall by providing valuable insights that lead to further iterations of processes, plans, and policies. Data-driven insights allow compliance functions to continually be “sharpening their sword” and improving their program to be the best. On top of that, data lends itself to confident decision making. Having a crystal clear understanding of what is happening in your program, and the organization as a whole, gives compliance officers the ability to make better decisions.
Unfortunately, these ambitions are more of a dream than the current state of affairs for many global organizations. Burdensome data exports, cumbersome excel formulas, and inflexible data graphs are the most common hurdles compliance teams need to overcome in order to paint an overview of their compliance processes’ performance.
The Solution: GANalytics & Integrated Compliance Management
As a technology provider specializing in helping compliance teams achieve their ultimate potential, we have long understood that the future of compliance lies in its ability to predict and respond. We realize that the industry developed in such a process-focused way that silos have been created across the function, making it all the more difficult to harmonize data. Today we are proud to unveil a twofold solution to compliance analytics: integrated compliance management and GANalytics.
Our newly introduced Integrated Compliance Management (ICM) platform is focused on moving compliance data out of silos because powerful analytics are only possible when you have all your critical data in one place.
Individual business units often use unique platforms to conduct operations, which impacts the way compliance can harness data. ICM mitigates these challenges by allowing stakeholders to work with one integrated platform and store data all in one centralized location.
On top of integrating your compliance processes, we’ve built a highly configurable analytics and reporting solution that allows you to pull data across processes. This connectivity will enable you to aggregate and visualize your data in real-time, moving your operations into an analytical phase more seamlessly. GANalytics allows compliance teams to be truly proactive in their approach and gives them the power they need to start looking for proactive signals.
With GANalytics dashboards, you are in control of your compliance data and can manipulate it the way you want. No more guesswork, just extract insights that earn you that seat at the strategy table. The dashboards allow you to easily spot discrepancies or anomalies in performance before they materialize into real risk scenarios and adjust controls accordingly to get back on track.
With a backend that automatically bulk analyzes your data and a frontend that provides a digestible view of your program, allowing you to analyze data sets from different perspectives, you can ensure no stone was left unturned. GANalytics also empowers you to identify trends manual efforts can’t accomplish, highlight solutions you didn’t think of, and prompt you to ask questions you hadn’t previously considered. What’s even better is that you can control your program from your office or on the go with an intuitive tool that’s easily accessible from desktop or mobile.
Every compliance team needs a powerful reporting tool to provide valuable input at a strategic level consistently, which is why we built GANalytics to serve your needs, with the option to deploy multiple dashboards. Our dashboards allow you to understand your day-to-day performance tracking while reports provide you with a board-level overview to share insights on a more strategic level. You can filter and drill down into any data and export the useful information to share with your management.
Tailored reports give your executive team visibility into your program and make it easy to justify spending or pushing back. All dashboards come with the option to configure the displayed data to meet your preference and needs. Your view is entirely customized to reflect your brand’s look and feel, making both design and function cohesive.
The Future of Compliance Analytics
With GANalytics, the future of compliance is no longer futuristic, but, instead, a reality that will allow you to walk into board meetings confidently with meaningful reports backed by data that justifies your decisions and actions. GANalytics is currently available on our conflicts of interest, investigations (case management), and gifts & entertainment processes and is coming soon to the rest of our compliance solutions.
If you are yearning for a more proactive approach to your compliance function, don’t hesitate to reach out to us to see a customized demo. We are ready to make the future of compliance analytics your next big win.