The need for transparency is gaining steam in many industries, including Corporate America, Government Agencies and Higher Education. More and more hands are trying to get involved in the analyses of compliance and risk information to influence the top-level decision-making process. This used to be looked at in a negative light but recent events in our industries have impacted this initiative. According to Matt Kelly at Compliance Week, “better visibility into what your company does, and finding abnormal behavior before it metastasizes into something dire, is the whole ballgame”. In other words, what the government and companies want is more related to the avoidance of a lack of clarity and preventing surprises.

Many companies are considering the use of a Chief Transparency Officer; someone that can understand what needs to be shared, how to share it, and what tools can assist in the automation of these processes for efficiency. This person (or team of persons) must utilize expertise in legal and financial reporting, as well as understand how data gets created and managed. To reference a previous blog (found here:  https://protect.iu.edu/blog/2012/07/06/all-about-data), Big Data can often consume our brains due to the sheer volume of data and information. How can we have effective data warehouses and dashboards that allow internal transparency in a method that accurately portrays what the data means for the university?

Does this mean that a recommendation exists to completely open your organization to the public or your entire workforce? Not necessary; one size rarely fits all in our industries. But it’s a topic that deserves some consideration because of the opportunities it presents.

To read more, click here:  http://www.complianceweek.com/rise-of-the-chief-transparency-officer/article/252518/.