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How EY can Help
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As regulatory enforcement and public intolerance of corporate misconduct increase, EY professionals help you strengthen your integrity and global compliance frameworks. And, should violations occur or allegations of fraud or corruption arise, the EY Forensics teams help you respond quickly to safeguard your business.
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Honeywell’s current risk assessments rely on more than 40,000 aggregated data points. By analyzing these fully integrated internal and external data sources, Honeywell can assign ratings to each of the company’s 10 distinct measurement criteria in the form of a digital scorecard.
Activating digital scorecards within EY Virtual provided easy-to-decipher, integrated dashboards to display the effectiveness of corporate compliance initiatives through a heat map based on performance success. The color-coded heat map uses a simple red (basic), orange (evolving), yellow (established) or green (leading) box depending on performance success.
“The initiative offered a major improvement over digging through onerous and complex spreadsheets”, says Jeremy Osinski, principal in EY LLP Forensic & Integrity Services practice who concentrates on forensic data analytics and data science. “Honeywell’s digital scorecards really help make the data consumable and quickly actionable to users — both senior-level executives and representatives from various Honeywell business groups who are seeking to dive into their specific data in detail,” Osinski says.
To date, Honeywell has created more granular, data-driven modules featuring dashboards focused on two of its compliance areas: anti-bribery and anti-corruption, and integrity and compliance. As a result, the company is already experiencing significant benefits, including enhanced communication with key stakeholders and the ability to chart year-over-year progress.
Less tangible, but equally as significant, is the potential impact of Honeywell’s scorecards on raising awareness around compliance risks among nonlegal departments. “Scorecards are a credibility-enhancing project for our department,” Miller says.
Looking ahead, Honeywell plans to continue creating dashboards to better communicate its compliance initiatives with cross-functional teams across the organization. Honeywell is also examining scorecards in the context of corporate culture, brand reputation and employee education.