Jody Houton

The jury is out on whether indefinite work-from-home conditions will lead to an increase or decrease in compliance risks, according to a recently released 2020 Global AntiCorruption Study.

The annual study surveyed more than 300 professionals from a variety of departments, including compliance and legal, across 20 major industries in North America, Latin America and Europe. 

Approximately 46% of respondents believed that compliance risks would decrease as a result of COVID-19, as there would be fewer opportunities to engage in corrupt practices, while 44% said they believed non-compliance would increase due to the perceived lack of appropriate policies and procedures in the new working conditions. A further reason given for an increase in risk was the belief that a decline in oversight would make investigations into non-compliant activity much more complicated.

Indeed, without a compliance monitoring platform that provides accessibility, and visibility, into an organization’s internal data, it will prove incredibly difficult to take the necessary preventative measures to avoid the potential repercussions of non-compliance, including regulatory fines, the dismissal of senior executives, and considerable brand damage. 

Don’t Cut Corners, Cut Spending

Despite this, nearly 40% of respondents said that, in light of COVID-19, their companies had reduced budget and/or headcount for compliance programs. 

The coronavirus has also put extra strain on the workforce, with 42% stating that layoffs and furlough periods had resulted in cuts to departments, especially in compliance and anti-corruption, meaning that the existing staff were often tasked with doing more with less.

Although it may seem there are fewer compliance risks during these times of reduced visibility – this may simply be because people are not looking in the right place.

Do You Want to Take the Risk?

In light of the above, cutting compliance spend is a risky short-term strategy, and although reducing headcount in compliance programs may seem a quick-fix solution for today, organizations should be thinking of the future and consider investing in compliance monitoring solutions that can act as a trusted extension of their team. But, be warned — choose wisely.

Although increasing numbers of organizations are utilizing real-time monitoring and data analytics to assist in their compliance programs, many have admitted there are technological limitations, such as a lack of system integration, which makes conducting cross-border investigations difficult. More than half (55%) of the participants also claimed that data privacy was one of the top concerns.

Place Your Bets on Behavox 

With Behavox Compliance, however, this need not be a worry. 

“Data management and data privacy is the bread and butter of our system,” said CEO and Founder of Behavox, Erkin Adylov. “That’s exactly why our customers all around the world want to entrust their business to us. We have vast customer experience dealing with private and sensitive data and constantly innovate and update our solutions to stay up to to date with regulations all around the world. 

“Behavox Compliance is designed to handle large volumes of data, and can organize it in such a way that it meets particular privacy requirements.”

As the most advanced enterprise compliance solution on the market, Behavox Compliance covers more than 150 data types pertaining to dozens of voice and text applications in 10 languages and counting. 

An effective communications monitoring solution, such as Behavox Compliance, can supercharge your compliance team and increase productivity in the workplace, wherever that may be. With the best global detection rate of true positives in the industry (three times more escalations compared to competitors), Behavox Compliance saves the average compliance officer up to 5 hours per day by reducing false positives by 90% compared to legacy solutions. This affords your compliance team more time to investigate and analyze suspicious alerts to ensure your organization continues to remain compliant, during the pandemic and beyond.

Empower your compliance team with the tools to catch bad actors quickly and accurately – before it’s too late.