CLOs: Fight Fraud With Better Analytics
CLOs play a pivotal role in meeting legal & regulatory mandates of the organization & thus are an important voice in shaping an organization's EFM strategy.
2013 benchmarking study of eDiscovery practices for government agencies
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Corner Office Analytics
Just like the other parts of businesses, legal departments depend on highvalue, defensible information that can be used to answer some of their toughest questions. Just as important, they need the ability to dissect large data sets quickly, so that they can focus on what’s important: winning.
Corner Office Analytics infographic
Business analytics used to be the domain of a few select teams buried deep in the business. Today, it lands on the agendas of most CXOs. And success hinges on CXOs’ abilities to collaborate with one another. In our Corner Office Analytics series, we’re focusing on the analytics needs of these senior leaders—and how they intersect with one another.
It’s no secret that business analytics can be used to better understand and improve a host of core business activities, in areas ranging from manufacturing to marketing. But the impact of analytics doesn’t have to stop there. For the legal department, analytics can make all the difference at high-pressure moments when there’s no room for failure. That’s why an increasing number of legal departments are tapping analytics-generated insights to inform their efforts to win important legal arguments.
What’s at stake
Legal departments are swimming in data today. While leaders recognize the potential value of all that data, many also know that they’re only scratching the surface when it comes to generating actionable insights. The practice of business analytics offers a focused, a tested way for Chief Legal Officers to change the equation, using many of the same capabilities their peers in the business are using.
Analytics connections with other roles
- CFO | Examining financial transactions for cases of fraud, waste, and abuse.
- CEO | Executing strategy while also meeting regulatory standards.
- CRO | Assessing the specific impact of a shifting regulatory environment on the business.
Crunchy questions for CLOs
Just like any other part of the business, the legal department depends on high-value, defensible information that can be used to answer some of the legal staff’s toughest questions. Just as important, the legal staff needs the ability to dissect large data sets quickly, so that the company can focus on what’s important: winning. The good news is that analytics can help with all of the above.
Learn more about CLO Analytics and crunchy questions that CLO's should be answering today with analytics.
Our business analytics specialists look inside data to help create and refine strategies for delivering insights that yield informed business decisions.
Deloitte Analytics labs
The Deloitte Analytics Labs help business leaders discover what the science, technology and application of business analytics can deliver in practice.