Bennett Borden was a speaker at LegalTech New York on the subject of “Legal’s New Role in Enterprise Risk Management: Using ‘Big Data’ Analytics to Identify Hidden Risks” held on February 5, 2015.

Managing the devil you know is difficult, but it’s the devil you don’t know that can spring chaos on your organization. Corporations face a rapidly escalating volume and variety of legal and compliance risks. Many evade discovery until it is too late, and then erupt with the velocity of social media gone viral. Traditional risk audits, employee training and whistleblower programs have limited success in detecting hidden risks. Why wait for a full-blown lawsuit or investigation when you can leverage the power of data analytics to identify emerging risk. This session explored strategies that legal, risk and compliance departments can employ to mine and monitor internal and external data. Panelists highlighted the following:

  • Real-world examples of data-driven, proactive risk programs that detect potential violations of regulations (e.g., HIPAA, PCI-DSS, pharma compliance, FCPA and Safe Harbor), as well as financial fraud and other issues
  • How to employ analytics against unstructured data such as email, voice recordings and social media
  • Understanding barriers and limitations of implementing risk management programs and keys to overcoming them
Source: LegalTech New York