Corporate investigations can be costly, time-intensive, and challenging, not to mention stressful. Indeed, the cost of corporate investigations increases every year. But the consequences of failing to investigate potential wrongdoing and detect risks early on can be even higher.
For example, Equifax was subject to a data breach that exposed 147 million people’s personal information in 2017. It settled with the Federal Trade Commission (FTC) for $425 million, but the breach cost the company nearly $2 billion in total.
Corporations can—and should—perform internal investigations to prevent such massive losses, whether they involve suspicions of cybersecurity issues, employee misconduct, fraud, legal or regulatory non-compliance, or something else.
Luckily, modern technology has evolved to make corporate investigations easier and more cost-effective. One of the key tools that corporations can leverage is investigation software.
In this post, we’ll explain a few basics about investigation software and why it’s instrumental for corporate success. We’ll also discuss the key features corporations should look for when considering new software and share our top four tips for selecting the right investigation
Contents
What is investigation software?
Who can use investigation software?
The benefits of investigation software
The top features corporate investigation software should have
Four tips for selecting the right investigation software in 2023
Modern technology revolutionizes the way corporations perform investigations
What is investigation software?
Investigation software is any type of program that helps users search and analyze data to gather facts and draw conclusions.
A typical investigation includes five steps:
- identifying the scope of the investigation,
- preserving evidence,
- assembling a team,
- fact-finding, and
- reporting findings.
Investigation software comes into play during the critical fourth stage of an investigation.
Many investigation software platforms leverage technology-assisted review (TAR), which uses artificial intelligence (AI) algorithms to search large amounts of data and pinpoint relevant information faster. That helps investigators gain insights faster and more accurately than they would by relying solely on human review teams.
Investigation software can assist users with:
- automating investigation workflows;
- searching, organizing, and managing large volumes of data;
- identifying patterns;
- making important connections between different data points; and
- controlling permissions and limiting access to sensitive data.
Investigation software has become increasingly common in the corporate world for two main reasons. First, the increasing volume of corporate data creates a greater demand for automated review because there is simply too much information for manual reviewers to process. And second, many corporations need to perform internal investigations remotely due to the steady rise in remote and hybrid work.
Now that we’ve defined what investigation software is, let’s take a look at who can use it.
Who can use investigation software?
Many individuals and entities can use investigation software, including corporations across various industries, licensed investigators, and law firms. But different types of users may have unique needs when it comes to investigation software.
For example, the human resources (HR), compliance, and legal departments of corporations often use investigation software to perform complex internal investigations, comply with laws and regulations, and fulfill regulatory and eDiscovery requests.
A corporation may need to perform an internal investigation due to allegations of:
- employee misconduct, such as workplace bullying, making threats, and sexual harassment;
- financial or other types of fraud;
- employment discrimination, including violations of Title VII of the Civil Rights Act, the Age Discrimination in Employment Act (ADEA), and the Americans with Disabilities Act (ADA);
- health and safety incidents and Occupational Safety and Health Administration (OSHA) violations;
- non-compliance with data privacy laws, such as the Health Insurance Portability and Accountability Act (HIPAA) or the California Consumer Privacy Act (CCPA);
- regulatory violations, including Securities and Exchange Commission (SEC) violations; or
- violations of internal policies or practices.
Independent licensed investigators, on the other hand, typically need investigation software that can assist them with tasks such as identifying individuals based on limited details and performing background checks.
Meanwhile, law firms use investigation software to compile witness lists, perform eDiscovery tasks, and manage the business side of their operations.
So, what are the benefits of using investigation software?
The benefits of investigation software
Investigation software is crucial to corporate success in today’s world. Why? Because internal investigations are an important part of mitigating business risks, and investigation tools are necessary to perform those investigations effectively without spending an inordinate amount of time and money.
Software for investigations can benefit corporations by helping them:
- streamline their internal investigations, thereby reducing the overall amount of time and organizational resources spent;
- identify the source of fraud or misconduct faster so they can take immediate action to prevent further damage;
- ensure compliance with data privacy and other regulations more efficiently; and
- avoid the financial and reputational costs associated with regulatory investigations, fines, and lawsuits.
Of course, not all investigation software can deliver the same results. To achieve these benefits, corporations should look for investigation software with certain key features.
Top features corporate investigation software should have
Investigation tools can vary greatly in terms of their capabilities and interfaces. When selecting investigation software, corporations should take each platform’s key features into account to ensure they select the right platform for their needs.
Generally speaking, any investigation software worth investing in should be able to:
- search and analyze almost any file type, including traditionally difficult formats such as PDFs, audio files, and videos;
- classify and organize files by date, type, custodian, source, and other categories;
- provide a visual representation of important data;
- allow reviewers to access the platform from anywhere;
- automatically redact sensitive information to prevent accidental disclosure;
- control document access to facilitate secure collaboration with reviewers from any location;
- perform comprehensive quality control to ensure nothing was missed; and
- provide sampling to demonstrate the legal defensibility of the investigation.
Four tips for selecting the right investigation software in 2023
As investigation technology has become more common, there are more platforms to consider than ever before, and not all of them are equally suitable for every use case. Here are our top four tips for corporations that are searching for the ideal investigative tool for them.
- Don’t take solutions at face value
Corporations that perform internal investigations need proven solutions, not experimental ones. This means that a corporation must be discerning when selecting software for investigations and resist the urge to believe the unsubstantiated “hype” from a software provider that lacks the experience or skill to deliver on its promises.
Instead of being swayed by a vendor’s marketing, look for good ratings and peer reviews. Also, consider which other companies and organizations use the software and take advantage of demonstrations whenever possible.
- Consider the corporation’s specific needs
As noted above, different investigation software users have different needs. For example, healthcare organizations will likely prioritize features such as the ability to handle vast amounts of data and auto-redact sensitive information because they deal with large volumes of sensitive data. Financial institutions, on the other hand, may be primarily interested in speed so they can identify and correct issues earlier.
Keep your specific purposes and common investigation challenges in mind to make sure you select a tool that’s appropriate to your precise needs.
- Choose a supportive software provider
Choosing the right investigation software isn’t just about the platform itself—it’s also about the people behind it and the support they can provide. When investing in new technology, a corporation needs to work with a software provider that won’t leave it hanging when questions or complications arise or when a particular investigation poses new challenges.
Seek a vendor that is willing to help you understand the technology, give advice, and incorporate user feedback to continually improve the software.
- Pursue a pleasant user experience
Regardless of which investigation software a corporation chooses, its people may be spending a lot of time with that software. Therefore, it makes sense to choose an intuitive platform that is easy to adopt and provides a great user experience for everyone involved. This will make it easier to master the technology and perform effective and efficient investigations.
Modern technology revolutionizes the way corporations perform investigations
Investigation software allows corporations to take a whole new approach to internal investigations.
By drastically reducing the need for manual review, this technology increases efficiency and leaves less room for error. The right platform can help corporations perform even the most complex of internal investigations faster and more thoroughly, safeguarding their assets and mitigating risks without running up an expensive bill.
