Virtually every day we’re seeing news about incredible advances in Artificial Intelligence (AI), with a wide range of new applications emerging across different industries.

Yet, so far, we’re not seeing a huge amount of use of AI among Ethics and Compliance professionals.

That’s despite the fact that peers in other departments are already using AI for a variety of tasks – from detecting cybersecurity anomalies, to HR teams hiring talent and automating employee relations.

Does that mean E&C professionals are more skeptical? And what do they really think about AI?

AI receives the thumbs up

I had the unique opportunity to learn directly from Chief Compliance Officers at the Consero Chief Ethics and Compliance Officer forum on 26 March when Vault hosted an expert panel discussion on ‘How AI Can Help Compliance Officers’. As the moderator, I had the chance to ask our panelists – Compliance Leaders from TikTok, Aura, Kayak, and Match Group – and an audience of 100 E&C professionals from the biggest global brands what they think about the advances in AI.

More excitement than the average business leader

There were a handful of skeptics, naturally. Yet, the overwhelming reaction we saw from the room was excitement. About 90% expressed enthusiasm for AI coming into the day-to-day of the compliance function. That’s compared to just 62% of business leaders who responded to a similar recent poll.

It makes sense from a practical perspective. Compliance is a lean team, regardless of company size. More often than not, these are small teams, wearing many hats, and like everyone in this moment, they are expected to do more with less. So they’re searching for solutions and AI could be the answer.

Humans or AI – who’s the final decision maker?

As the discussion unfolded, one of the big questions that proved to be on everyone’s mind – panelists and audience alike was: what are the boundaries of how we use AI in decision making?

We talked a lot about Large Language Models (LLMs), such as ChatGPT, how you vet the information you put in, and analyze the information you get out. How confident can you feel about the outputs? Which decisions will you let the machine make for you?

We heard from one large business that has developed their own internal LLM. They’ve been using it as a data source to present all of their internal information to employees, solving the problem of putting data into third party channels.

The panel discussed how you can use LLMs for decision making around investigations outcomes, with some of the key questions being:

• In terms of disciplinary actions, can you use AI to summarize an investigation and then use that data in order to make a decision?
• At which point do you need human intervention?
• Could you use AI to generate a decision without human input?
• Would you want to use AI to make that final decision for you?

And the consensus on the answer? In short, no! The experts agreed they would not want to use AI to make the decision for them. They want humans to continue doing that.

AI in disciplinary proceedings

That led us on to talk about the blueprint for an AI Bill of Rights that was published by The White House. Within it there’s a piece that essentially talks about how employees would have a right to appeal any decision that AI makes about them.

Applying this to a workplace context, if there was a disciplinary action decided by AI and an employee appeals, there’s no way for the company to prove how that decision was made. It would simply be the chatbot that had recommended it, which is not good enough to counteract an appeal from an employment law perspective.

The unclear implications around the appeals process was one of the reasons why the panel agreed they would not want to use AI to make those decisions.

AI translations popular among delegates

There were a lot of questions about the benefits of AI in compliance team’s day to day work. A number of speakers said they were capitalizing on AI translations for working with colleagues in other countries to remove language barriers in real time, both within conferencing tools and within speak up channels.

It was good to hear how powerful this has become, particularly given our AI-powered Dynamic Translations service we already offer and that our panelist at Aura is leveraging.

Advice for peers

Rounding up the panelists’ advice to peers was primarily: ‘Give AI a try’. If you’re curious, go to ChatGPT, play with it and you’ll begin to discover the potential value. It might be useful, for example, to draft a policy or write a message to employees.

Want to learn more AI and Vault’s applications?

New, innovative AI tools are developing to assist in Ethics and Compliance programs. And at Vault, we’re leading the way.Interested in learning more about AI and how Vault’s AI applications can help your organisation? Drop me a line. I’m here on LinkedIn and you can reach me by requesting more info about Vault!

The post AI sparks overwhelming excitement among E&C professionals at Consero appeared first on Vault.

When productivity is also factored in, this increases further, and the impact on individuals can be devastating.

Furthermore, just over one in ten employees globally say that they work in a strong ethical workplace culture. Despite this, misconduct continues to go underreported, meaning that many of these challenges could be addressed before they become a crisis. 

In today’s ever-evolving corporate landscape, fostering a culture where employees feel empowered to report misconduct or any ethical breaches is paramount in order to build a robust speak-up culture that goes beyond risk mitigation and towards Active Integrity. This article examines how companies can effectively harness technology to cultivate a speak-up culture that tackles this issue head-on.

1. Modernize reporting channels for greater accessibility and inclusivity

Understanding employees’ diverse preferences in reporting misconduct is crucial. Each individual has their comfort level and preferred method of communication and this could range from reporting an incident via a voice call, speaking to their manager directly in a one-on-one meeting, or the choice of anonymity with the use of a mobile app or desktop-based tool.

Offering multiple channels for reporting ensures accessibility and inclusivity, demonstrating a commitment to hearing and valuing every voice. Furthermore, when you use a platform that captures reports consistently regardless of reporting method, you’re able to accelerate time to resolution

2. Use Artificial Intelligence-powered technology to streamline the speak-up process

AI is already playing an important role in fostering transparent, ethical, and compliant practices across diverse organizational functions. However, in ethics and compliance it has lagged behind. Until recently there has been a reliance on legacy hotlines for misconduct reporting and data analysis in the space has been more of a guessing game.

AI tools are able to streamline reporting processes, ensuring confidentiality, efficiency, and transparency. 

For example, language barriers should never hinder employees from reporting misconduct, so implementing a tool that instantly translates reports into multiple languages can improve efficiency in case resolution and create a more inclusive environment.

Another convenient solution is AI-powered voice-to-text transcription technology. By offering employees the option to report incidents via a short phone call, which is then converted into text format, accuracy and confidentiality can be maintained throughout the reporting process, making it easier for employees to share their experiences and case managers to accelerate time to resolution. 

3. Use Analytics Tools to Mitigate Risk

Transitioning from reactive to proactive risk mitigation requires aligning every aspect of the business towards integrity. Gaining insight into the ethical health of your organization and the effectiveness of integrity initiatives allows you to identify areas for improvement, ultimately driving accountability and contributing to a healthier work environment. 

Overall, these three strategies empower organizations to foster a culture of Active Integrity, where every employee feels supported in speaking up, and every decision aligns with ethical principles. By embracing technology and analytics, companies can position themselves for long-term success while prioritizing trust, transparency, and accountability.

How can Vault help?

Vault Platform is the operating system for corporate integrity. Find out how we can help you and how we can enhance your Ethics program by booking a quick demo with us.

And if you’d like to hear more about AI and automation in ethics and compliance, watch our on-demand webinar.

The post Three Steps to Build a Tech-Driven Speak-Up Culture appeared first on Vault.

Artificial Intelligence is not a nebulous concept for the future anymore. It’s right here and now.

And it’s adding value to organisations and their risk management practices by:

• Reducing costs
• Increasing operational efficiency
• Advancing the Speak Up culture

Ethics professionals are set to reap the benefits.

1. AI-powered hotlines

Seven out of ten ethics professionals across the world have indicated their speak up and hotline processes are not a strong element of their Ethics programs. That’s according to LRN’s 2024 Ethics & Compliance Program Effectiveness Report. And 40% of the 1,400 surveyed say it’s an area they must focus on improving this year.

Are you operating an outsourced call centre as a solution for employee reporting and whistleblowing?

You may have pondered how to cut through the drawbacks and high costs this outdated legacy hotline incurs.

You can save money, increase efficiency and build a better speak up culture by harnessing the power of AI. AI can power an alternative internal hotline – cutting out the costs of employing staff or third-party operators. 

2. Breaking down language barriers

Artificial intelligence is making great breakthroughs in assisting communication between people in different countries by cutting through language obstacles. This very much applies for global businesses seeking solutions for misconduct reporting. 

With AI translations, companies operating in multiple countries can get instant reports in dozens of different languages. This means case managers can quickly move the process forward without the help of external translation services, thereby substantially reducing costs and time. The average SLA for report translations by humans is two days.

Chief Ethics and Compliance Officers should look at solutions that not only apply to reports, but also to asynchronous communication “chat”. That means you can converse with reporters (even anonymously) and interview them in their own language, without relying on translators.

3. Automatic case assignment

Modern case management tools offer Advanced Routing capabilities, which greatly increase efficiency and speed for assigning cases. Reports can automatically be sent to a predetermined team or individual. 

Depending on the established set of rules and categories, reports can all go to central or local or regional teams and to specific people. In other words, tailored to the set-up each business wants. Look for software that can route to different teams based on the category of the report (distinguishing between compliance and HR cases, for example), site and location of the report’s origin, and other parameters.

4. Connecting to messenger platforms

To build an enhanced Speak Up culture, it’s vital to make reporting as easy as possible. To do so requires reaching staff where they most commonly operate and communicate – such as apps like Slack and Microsoft Teams. AI-powered reporting bots can now be embedded in these mainstream communication platforms to achieve just that.

How do organisations get these AI and automation benefits?

Vault Platform provides the AI and automation capabilities described above and more.

We believe companies can be protected from major risks – perhaps the next big crisis, scandal or lawsuit – if their people are protected too. Our platform delivers the true opportunity to Speak Up.

And with increasing needs to meet an evolving list of regulatory demands, such as the Equality and Human Rights Commission, EU Whistleblower Directive and Sarbanes-Oxley Act, it’s clear that business leaders must act now.

Want to learn more?

Delve into the details and see how Vault can enhance your Ethics program by booking a quick demo with us.

And if you’d like to hear more about AI in ethics and compliance, watch our on-demand webinar.

The post AI and automation: 4 ways to enhance your Ethics program appeared first on Vault.

We’re moving into a new era of corporate ethics underpinned by voluntary disclosure against the backdrop of an evolving regulatory landscape.

As a result, Ethics managers have an increasingly vital role to play today within their businesses.

But with growing demands from regulation and the many examples of scandals surrounding misconduct that we see emerging, Ethics officers need to up their game.

How can they achieve this in 2024? Let’s take a look at some key steps.

1. Review your organisation’s approach

First things first. It’s time to take stock. Do you feel that your organisation’s approach, processes and infrastructure supporting your ethics and compliance is match-fit and equipped for 2024 onwards and the decade to come? Have you got the right tools and technology in place or are you lagging behind? The following points may help you determine the answers and give you food for thought. 

2. Infrastructure fit for purpose

Even if your organisation has the best ethics officer, you can’t build a system purely on their shoulders. You need to think of developing a top class ethics program, underpinned by leading technology and the right infrastructure. Think of it in a similar way to building a super fast train. You can build the fastest, most impressive train imaginable, but if you’re running on the old tracks it won’t fit or work. That is what the traditional hotline is – an old rusty track that we need to replace with updated, modern materials.

3. Capitalising on Artificial Intelligence (AI)

Those new tracks described above mean a digital platform – a modern hotline powered by AI. Finding an effective AI platform can cut through the outsourced call centre as a solution for employee reporting.  This, in turn, helps Ethics and Compliance Directors to enhance their own value to their organisations by reducing costs and increasing efficacy. AI can provide a company with its own internal hotline without needing to employ a single person. The tech can operate it for you.

4. Enhancing efficiency

There’s always room for improvement when it comes to making your department (and the processes that flow from it) more efficient. Technology is the key here. Here are some questions to help determine whether more efficiency is possible in your program:  Are your current methods for reporting up quick and agile? Are you able to instantly, automatically triage all case management for allocation and assignment? Do your HR applications and software speak to each other seamlessly and integrate well?

5. Build a Speak Up culture

Arguably at the heart and centre of it all is the need to build and advance a speak up culture within your organisation. Not simply to issue instructions, build policies and enforce them, but to encourage, cultivate and stimulate an ethos throughout the business where employees are empowered to expose where wrongdoing is happening – be it bribery, conflict of interest, fraud or something else. Having a system that puts employees first is essential for this so the culture spreads throughout, reaching every individual.

6. Catch up with regulatory trends

We promised five steps, but here’s a bonus sixth – and it’s one that really can’t be ignored. There is an increasing and evolving list of regulations across North America and Europe covering workplace misconduct, such as the Equality and Human Rights Commission, EU Whistleblower Directive and Sarbanes-Oxley Act. We’ve also seen the UK’s financial services regulator, the FCA, begin an investigation into the non-financial misconduct of banks and insurance firms.

Staying on top of this increasingly regulatory scrutiny is critical for Ethics and Compliance Officers.

How can Vault Platform help?

Our solutions can help your organisation with all of the steps outlined above. There are many ways we can support your business and as you build your Speak Up culture, including our AI-powered hotline – Vault Talk – or our new Advanced Routing feature, which supercharges efficiency in case management. 

We believe companies can be protected from major risks – perhaps the next big crisis, scandal or lawsuit – if their people are protected too. Our platform delivers the true opportunity to Speak Up.

Book a call with one of our specialists to find out more.

The post 5 steps Ethics professionals should take this year appeared first on Vault.