Integrating Artificial Intelligence into Anti-Bribery and Corruption Programs to Mitigate FCPA Risk
AI-based solutions, such as those offered by QuantaVerse, can easily analyze massive amounts of corporate financial data, discern patterns, and quickly identify where exceptions or anomalies exist that can unveil FCPA risks.
More than one trillion U.S. dollars are estimated to be involved in worldwide acts of bribery and political corruption each year. These crimes impede developing nations from achieving stability, recovering from disasters and realizing measurable growth by siphoning off foreign aid and stealing national revenue.
Undiscovered instances of corporate corruption and bribery also unleash destructive effects on otherwise law-abiding Western organizations. In recent years, the United States government has dramatically intensified its efforts to enforce the provisions of the Foreign Corrupt Practices Act (FCPA). Nearly $2.5 billion in penalties were assessed in 2016, making it the biggest enforcement year in FCPA history.
This cost is too high for global corporations to ignore.
Modern technologies and advancements in data science such as artificial intelligence (AI) and machine learning are well suited to solve this problem. AI-based systems have progressed to the point where large volumes of transactional data from enterprise accounting and email systems can be culled, consolidated, analyzed, and scored for risk so suspicious activities can be identified and compliance teams can make faster, more accurate determinations.