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You may have pondered how to cut through the drawbacks and high costs this outdated legacy hotline incurs.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