Last week I talked about the infinite scalability of compliance using cloud-based, enterprise solutions, and the basics of relational databases that let you pull out corresponding data.
But making sense of these vast databases is never easy and opens up the Pandora’s Box known as ‘analytics.’
The most widely used function of analytics today is reporting web traffic, where page views and unique visitors are the cornerstones. Some readers of the FCPA Blog may even being using the ubiquitous and free Google Analytics on a site of their own.
Choosing what variables to relate and compare data differs greatly depending on objectives. Once variables are identified, the next step is creating a program that gathers information, stores it, computes it, and displays it in a usable fashion. Generally speaking, the weakest link in an analytics program is the last step — being able to display data while not overwhelming the user.
But when analytics are effectively applied to compliance programs, companies have access to a truly real-time, risk-based approach.
With ethiXbase Enterprise, for example, users see dynamic compliance activity by country, job function, or any custom employee grouping, no matter how many employees the company has.
With this information, ethiXbase Enterprise can produce results and data that are unique. Our users have given us permission to use anonymous, macro level data to benchmark their compliance programs against other companies in their industry or geography. This allows users of ethiXbase Enterprise to not only see how their program is performing, but how it compares to other industry leaders.
Analytics and information-sharing initiatives are lifting compliance programs to a point that until now was thought impossible.