Data is Great But How Do You Use It to Fight Corruption?

When it comes to corruption, all industries suffer from some sort of unethical practices. Every industry has its particular procedures when dealing with these types of issues but as more businesses become increasingly common, making sure you track the problem becomes harder. This means procedures and process have to be able to morph into the changing landscape of the corruption and bribery world. Of course tackling corruption and bribery is no easy task and many different measures have been put into place in order to follow, mitigate and ultimately end corruption. When companies have the necessary data to follow, it helps identify the proper leads that could easily show issues of possible corruption and bribery.

The shipping industry is seen to have occurrences of corruption, repeatedly due to its constant exchange of product and information. Many countries, in particular China, have begun developing processes in order to watch for and find issues of corruption. The China Shipping Group, a state run entity, has begun to tackle corruption by observing the data from within its own organization. This data is then processed to see if there are any anomalies with any external data points. Jason Jiang, writer for Spalsh 24/7, talks about how links in the data between relatives and companies are beginning to unveil issues of corruption. By cutting the relationship and creating new rules to limit the power of upper management within the company, they have proven to see an effective shift.

When it comes to raw data, being able to understand it and decipher it becomes essential in the battle against corruption. The more data points you can gather, the easier it is to connect the pieces together to find the root cause. What many companies and industries find difficult is the gathering of data and eventually the understanding of it. Having people to gather data and technology to process is the new wave of compliance. To learn more about how this hybrid collaboration is changing the way compliance and corruption is taken on just click here.