Each January, Regulatory Intelligence highlights the top concerns for compliance officers for the year ahead. The list is based on observations and discussions with industry practitioners. It represents areas, or risks, that present significant challenges for compliance professionals, and it is aimed at helping compliance teams in their planning, prioritization, and reviews.
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The handling and remediation of a compliance breach, its resolution, as well as documentation and prevention against future or repeat violations, are critical aspects of all compliance programs
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Regulatory Change and Political Uncertainty
The first place to look as far as potential for change is obviously the political landscape. Trump is known for his anti-regulatory stance, and his election brought on widespread anticipation of a regulatory rollback.
When the Democrats once again took control of the House last November, the shift in power has stalled much of his deregulation agenda. Big moves are not to be expected.
All Things “Tech,” Including Data Protection and Cyber Security
Coming in at number two is technology. In our enormous and expanding industry, risks and complexities related to the compliance profession remain a persistent top challenge. Data backup and disaster recovery also pose a potentially catastrophic threat– if they aren’t handled to meet the specific needs of your business.
Our Compliance Tools
Business continuity and disaster recovery companies are only as good as the tools they use. Lets address the two concerns mentioned before.
Both Sentry packages include basic disaster recovery, the final layer of protection for your essential files and databases. Making sure we can restore your business data completely and efficiently in case of loss or breach is the foundation of our security model. Don’t know Sentry? Read about the 7 Pillars of our security model to learn more.
Our techs bring over 70 years of experience in the Austin market to the table. One thing we all agree on: the best way to handle cyber security is to plan on being hacked.
If there’s nothing to steal, they can hack all they want. By giving businesses regular liability reporting as to the amount and types of data on their network, they are then able to delete, encrypt or otherwise mitigate the exposure.
Areas such as privacy, data protection, and associated regulations such as GDPR are the tip of the iceberg. Cyber security and its associated risks, complexities, and costs also rank high among concerns in compliance departments. A result of news stories of cyberattacks and losses or misuse of personal data is a heightened public awareness and political focus on data privacy and cyber security. Look for stiffer, and or new rules and regulations.
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The speed of change in technology also causes concern. In Thomson Reuters annual surveys on the Cost of Compliance, technology expenses and challenges associated with legacy systems rank high as a top issue. Regulators are also engaging with industry participants and continue to signal that they are not falling behind the technological curve.
Technology for many ‘non-tech’ professionals such as compliance officers remains a concern, as the importance and integration of technology into the compliance suite continue to evolve. Compliance officers may not need to become technology experts, but they do need to ensure that cyber risks are addressed within their firm’s corporate governance framework. Compliance must be aware of rules and regulations from every jurisdiction with authority over the firm’s activities.
A shift has also continued toward technology solutions in finance and compliance, dubbed “fintech” and “regtech.” The use of artificial intelligence and other new technologies in the compliance and finance sectors keeps growing. Ignoring or avoiding the subject is not an option.