Enhancing Risk Assessment through Standardized Metrics and Data Analysis at Honeywell

Honeywell Implements Innovative Approach to Assess Risk Exposure

In a groundbreaking move to enhance its risk assessment process, Honeywell has adopted a unique approach that combines traditional compliance areas with cutting-edge digital transformation metrics. The multinational conglomerate identified a need for a standardized set of metrics to evaluate its risk exposure across various regulatory structures, leading to a collaboration with the U.S. Department of Justice (DOJ) guidelines.

By incorporating digital transformation as a key component of its compliance initiatives, Honeywell aims to revolutionize the way it assesses and mitigates risks. The company’s comprehensive framework includes criteria such as audit, culture, investigations, mergers and acquisitions, policy and procedure, resources, risk assessment, third-party management, and training and internal communications.

To populate this innovative assessment framework, Honeywell leveraged a wide range of data sources and collected several million data points from across the organization. Compliance area directors completed tailored online surveys to identify pressing issues, while employees provided valuable insights through one-on-one interviews. The data was then analyzed using the EY Virtual platform, with additional input from EY subject-matter resources.

With a focus on accuracy and reliability, Honeywell meticulously cleaned and scrubbed the data sets gathered from surveys, interviews, and program manuals. By augmenting internal data with publicly available industry data and global perspectives from EY, the company gained a comprehensive understanding of its compliance program elements in comparison to industry peers.

This innovative approach not only showcases Honeywell’s commitment to compliance and risk management but also sets a new standard for corporate governance. By embracing digital transformation and leveraging data-driven insights, Honeywell is poised to stay ahead of regulatory challenges and ensure the effectiveness of its compliance initiatives in the ever-evolving business landscape.