TIME FOR NEXT GENERATION COMPLIANCE STRATEGY
Organisations across industry sectors are finding themselves in the middle of an unprecedented volume and pace of regulatory change. From data to artificial intelligence (AI) and other technology, to cyber security and sustainability, there is an increasing focus by policymakers and regulators on protecting consumers, customers and investors. This focus has yielded a plethora of new laws and regulations across jurisdictions, as well as layers of additional laws within the same market that are compounding the risks, requirements and controls that organisations need to consider. Legal, compliance and risk management teams that historically were able to handle third party risk management, privacy, cyber security, conflicts of interest or other disclosure requirements in separate processes are now being confronted with regulatory overlaps that necessitate evaluation of the same entities, business processes and communications for dozens of different regulatory issues. Over the past year, the hyper focus on AI has only further exacerbated these challenges.
Within think tanks, across industry and professional organisations, and along the corridors of enterprises of all sizes, leaders and teams with regulatory and risk responsibilities are rethinking their approaches. For many, AI governance is a primary driver. While some have created new roles, like the chief AI officer or AI strategist, to tackle new regulatory risks, others are expanding titles to add words like ‘trust’ and ‘responsibility’. Still others are looking at how existing roles might evolve execution to better integrate governance, process design and decision making. Some are calling it a renaissance.
Oct-Dec 2024 Issue
Dun & Bradstreet