Enhancing Risk Assessment with Standardized Metrics and Data-driven Insights at Honeywell

Honeywell Enhances Compliance Measures with Digital Transformation

In a bid to streamline its risk assessment processes, Honeywell has taken a proactive approach by incorporating digital transformation into its compliance initiatives. The multinational conglomerate identified various compliance areas, including anti-corruption, cybersecurity, and insider trading, each presenting its own set of regulatory challenges.

Seeking to establish a standardized set of metrics, Honeywell turned to the U.S. Department of Justice guidelines for evaluating corporate compliance programs. In addition to adopting these guidelines, Honeywell introduced digital transformation as a key criterion for assessing the adequacy and effectiveness of its compliance measures.

To populate its assessment framework with accurate data, Honeywell embarked on a comprehensive data-gathering process. Compliance area directors completed tailored online surveys to pinpoint critical compliance issues, while employees provided feedback through one-on-one interviews. The insights gathered were consolidated using the EY Virtual technology platform, which also analyzed compliance processes and procedures within the organization.

Collaborating with EY subject-matter experts, Honeywell cleaned and scrubbed the data sets to ensure consistency and accuracy. Furthermore, the company augmented its internal data with publicly available industry data and insights from EY’s global network, enabling Honeywell to benchmark its compliance program against industry peers.

By leveraging digital transformation and data-driven insights, Honeywell is poised to enhance its risk assessment capabilities and strengthen its compliance measures across the organization. This strategic approach underscores Honeywell’s commitment to upholding the highest standards of corporate governance and regulatory compliance.