Traditional approaches to risk management are failing. For example, internal audit software is useful for managing and monitoring structured data, such as transactional data in financial systems, and may be helpful in detecting regulatory issues with a specific transaction or series of transactions. However, that software cannot parse unstructured data like email and other forms of electronic communications. Other traditional approaches often employed by organizations, such as periodic risk audits and whistleblower training, while necessary and important, may not be effective in early risk detection.
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