As the AI revolution advances at breathtaking speed, emerging technologies are opening up new and innovative ways to assist in the area of Ethics and Compliance.
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You may have pondered how to cut through the drawbacks and high costs this outdated legacy hotline incurs.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.
