Innovation in Compliance with Tom Fox Continuous Improvement in Compliance with Brian Beeghly
Brian is the founder of Informed360, one of the most innovative companies Tom has come across in a very long time. Brian’s a little unique in the compliance field in that he’s not a lawyer, but that’s one of the main reasons, coupled with his experience running large programs, that caught the CEO’s eye. He talks about the career path that led him to Informed360.
Under the Hood of Compliance
Brian talks about how having a great team working in a compliance department isn’t enough. When he looked ‘under the hood’ of how things were being run, he noticed some major problems. In other words, it was ‘all duct tape and glue.’ There were manual processes, lots of Excel spreadsheets all over the place, and disparate systems and applications that weren’t connected. Pulling data and information together was a painful process. This was what inspired him to create Informed360.
The Role of Technology
From risk assessments and disclosures and beyond, Informed 360 grew out of a real need for the compliance industry to catch up with technology. The main idea was to give data far more visibility. They didn’t just build for one compliance activity at a time. Instead, they asked: “How to companies manage their ethics compliance program?” That was the mindshift needed to build a holistic platform that can code a company’s compliance elements into their program. This allows for continuous improvement of the program and is at the heart of Informed360.
A Project Management Tool
It’s great and necessary to have a risk assessment tool, but without action taken on that risk, it becomes a real issue. That’s why Informed360 is also a project management tool, pairing actions to resolve problems, again, with the continuous improvement concept in mind. And like any good project management software, there is a place to put all the documents and bits of information that are often scattered across computers and cloud storage. Brian also talks about how lean methods are working their way into compliance programs.
Informed360 and Red Flag Reporting
Informed360 recently announced a partnership with Red Flag Reporting that promises to be interesting and useful. Brian is the first to admit that a single system cannot do everything everyone needs done. So instead of building out certain functionalities, they have decided to look to market leaders and partner with them, and Brian talks about what that looks like for the future of Informed360.
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