ECI's Analytics Lab
While many companies recognize the immense potential of predictive analytics to identify and reduce compliance risk, few are successfully mining their own compliance-related data. The challenge is finding the best data to utilize, then determining the metrics that actually predict the potential for noncompliance. Additionally, for many organizations, the process of developing an analytics program is taking place in isolation. Few, if any, opportunities exist for ethics & compliance practitioners to collaborate, share challenges and to learn together.
The ECI Analytics Lab addresses this problem in two ways:
- First, we have gathered – and wish to grow – a group of companies that have robust data collection capability and want to utilize it to measure compliance risk. The group discusses their own in-house efforts, the insights they glean, and the challenges they face.
- Second, we have developed – and are working with a collaborative group to test – a model that identifies and monitors shifts in culture that are indicative of noncompliance risk. Our collaborative group is working with ECI to implement and improve the model.
The potential for the Analytics Lab is clear: if companies can identify and anticipate the presence of noncompliance risk, they can allocate resources accordingly to address and mitigate those situations when they occur in their own contexts.
Since its inception, ECI has researched and reported on the positive effects an ethical foundation can have on an organization. A culture grounded in good ethical behavior creates long lasting rewards for a company, including the ability to attract and retain highly talented individuals. The ECI Analytics Lab Project began in the fall of 2016 with one goal in mind – create a way to help organizations operationalize ethics and compliance to create and maintain a positive ethical culture. The ECI Analytics Lab Project is being led by the Ethics Research Center (ERC), the research arm of ECI, operating as a 501(c)3.
ECI is seeking financial support from organizations, and in-kind support of the technical infrastructure and administration needed to foster a new level of thinking and an analytical approach to the governance, risk and compliance industry.
Through tax-deductible financial contributions from the Lab Partners, ECI is able to dedicate analysts to review literature, conduct additional research, and to identify and integrate new insights into our working model. ECI provides Lab Partners the model and other related insights from research, then our researchers work individually and collectively with each organization to test the metrics in-house.
The Value to Our Lab Partners
- Develop well-formulated data analytics that can provide a measurable competitive advantage for your business.
- Participate in a research & development project that will advance industry understanding of the triggers for noncompliance risk.
- Early access to metrics and emerging insights in a new area of research.
- Collaborate with other progressive and distinguished companies that are on the forefront of this research.
- As a donor, publicly demonstrate your organization’s commitment to the promotion of integrity and the reduction of non-compliance in business.
- Showcase your organization’s interest in the positive benefits of this next wave of ethics & compliance analytics.
For more information or to become a Lab Partner, please contact Holli Redekop, Vice President, Development at firstname.lastname@example.org or 571-480-4416.