Managing Workforce Risk for Better Regulatory Compliance

Posted [post_published]

Managing Workforce Risk for Better Regulatory Compliance

We’ve seen how compliance and regulatory requirements pose a challenge for most any company, and how ongoing visibility into your workforce is critical to success. We’ve also seen how the struggle intensifies in financial services, transportation, government contracting and other sectors particularly vulnerable to unmanaged workforce risk.

The good news is that an effective approach to continuous workforce risk evaluation at scale is not only possible, but it’s also already a reality in some of the largest and most demanding enterprise environments. Lets a look at a few examples from Endera’s use case archive to see how and where some of the biggest workforce compliance challenges are turning into some of the biggest success stories.

Meeting Tough Regulatory Standards for an Airline

Air transportation is a crucible of strict regulation and mission-critical infrastructure. It’s also a vast ecosystem of workforce participants requiring various levels of scrutiny and different levels of access.  To manage this complexity, a Top 5 global airline partnered with Endera to manage workforce risk, particularly around personnel who come into contact with customers and airplanes.

The airline needed a scalable, easy to use tool to evaluate continuous and ongoing risk events of their entire workforce — not an easy task given the high volume and variety of identities in their workforce. Endera helped this airline effectively eliminate false positives in monitoring more than 85,000 insiders — prioritizing 11,000 risk events across thousands of criminal and watchlist sources to isolate the fraction of those events that were most critical and actionable.  

Better Compliance in Financial Services

The financial services industry is heavily regulated by the Financial Industry Regulatory Authority (FINRA), a good thing considering how the sector is driven by a corps of human advisers giving recommendations on investment risk and opportunity involving vast amounts of money.  Against this backdrop, a Top 5 financial asset firm found a way to manage workforce risk with the help of Endera.

The high volume of identities in this company’s workforce and the self-reporting nature of FINRA regulations created difficulties; a self-disclosure model with individuals is a challenge since disclosing can lead to suspension, loss of license or even termination. To get visibility beyond what people might self-report, Endera set up a scalable, easy to use tool to evaluate continuous and ongoing risk events of this company’s regulated and high-risk workforce of more than 9,000 insiders. The solution helped the client understand risk events quickly and, on 14 occasions within the first three months when high-priority risk events were found, disclose to FINRA in a timely way.

Toeing the Regulatory Line in Government Contracting

Government contractors need to comply with tough regulations for workforce conduct — strict FBI protocols and the U.S. Government’s overall 13 Adjudicative Guidelines are just a couple examples — in order to do business and access classified government information. Knowing that even cleared employees may end up posing a risk over time, a leading government contractor turned to Endera to enhance compliance with ongoing workforce risk management of more than 3,000 cleared employees.

Endera monitored thousands of criminal and civil watchlist sources and fed those insights into a scalable, easy to use tool to evaluate continuous and ongoing risk events. We used a flagging system to trigger event investigations. The client could then verify and prioritize risk events and follow their business procedures to determine if they needed to remove any individuals or reduce access to classified information.

Those are just some of the more prominent cases that show how compliance can be bolstered with the right strategies and tools for ongoing workforce risk management.  Other examples include Endera’s role in monitoring risk for the workforce of a large healthcare research firm; more than 30,000 contractors at a major port authority; and thousands of virtual and gig economy workers for a large online marketplace.

Ultimately, wherever there are are regulations, the need exists for strong visibility into your ongoing workforce risks. Endera’s mission is to help clients bring those risks into focus, so they can remove them as threats to compliance and business operations.