Compliance regulation is a complex and ever-changing landscape. There are a wide variety of regulations, each with its own set of requirements. This can make it difficult for businesses to stay compliant, especially as the regulations continue to evolve.
Technology can help businesses navigate the complexity of compliance regulation. For example, AI tools can be used to automate compliance tasks and identify potential risks. This can free up businesses to focus on other priorities, such as innovation.
Compliance regulation does a great job in this area but is still wildly varied. Recently, I dove into one field of legislation — privacy compliance — and discovered that each geographic place has its own version of the rule. Technology can help narrow the gap by filtering and making automatic changes, which often urges enterprises to respond with policy and cultural shifts.
One area of compliance that is particularly complex is data privacy. There are a number of different data privacy regulations, such as GDPR, CCPA, and HIPAA. These regulations vary in terms of their scope, requirements, and enforcement mechanisms.
Technology can help businesses comply with data privacy regulations. For example, encryption can be used to protect sensitive data. Additionally, businesses can use tools to track and manage user consent.
With the new SEC regulations that demand heightened awareness of cyber incidents, customers are seeking guidance on how to prepare. This entire effort is becoming quite the alphabet soup with GDPR, UK standards, NIST SOCs and PCI, not to mention every state's privacy laws, which vary greatly. Much of this stems from the GDPR guidelines that were set but implementing them across the globe is going to take some time.
We take compliance with regulations very seriously. Our technology and solutions are designed specifically to help address data sovereignty issues, ensuring customers stay within a single country’s borders and have the necessary processes in place to validate and verify these requirements. Leveraging AI tools is an excellent opportunity to make sure customers are staying on top of the regulations—however, failure to do so can result in hefty penalties both financially and publicly.
Businesses and customers today are starting to become more aware of the implications of their support for issues such as climate change, recognizing the potential financial benefits that can come from reducing their carbon footprint.
Even the SEC is getting involved with legislation. This means that people are making decisions based on their convictions, being mindful of how investing in a certain company or product could impact the environment, and potentially doing something about it. The choices that consumers make have the power to create real change - but they must be conscious of the reputation of their actions.
Another area of compliance that is becoming increasingly important is sustainability. Businesses are under pressure to reduce their environmental impact. This can be a challenge, as there are a number of different sustainability regulations.
Technology can help businesses comply with sustainability regulations. For example, businesses can use tools to track their carbon emissions. Additionally, businesses can use tools to optimize their energy usage.
The future of compliance regulation is likely to be even more complex than the present. As the world becomes increasingly interconnected, businesses will need to comply with a wider range of regulations. Additionally, the enforcement of compliance regulations is likely to become more stringent.
Technology will play an increasingly important role in helping businesses comply with regulations. As technology continues to evolve, businesses will need to adopt new technologies to stay compliant.
With emerging risks of cybersecurity and ever-changing legislation, businesses are under increased pressure to present ESG data to their customers faster than ever before. Fortunately, technology is helping us navigate the complexity of the regulations, while at the same time offering a greatly beneficial shared value opportunity. Through the utilization of interactive enterprise dashboards, organizations of any size can see the granular information around cloud computing consumption that had previously been so hard to find. Capturing this information helps support the changing narrative around sustainability, allowing companies to provide real deliverables that benefit both their customer base as well as the environment.
Compliance regulation is a complex and ever-changing landscape. However, technology can help businesses navigate this complexity and stay compliant. By using technology, businesses can free up resources to focus on other priorities, such as innovation.
Here are some additional tips for staying compliant with regulations:
Stay up-to-date on the latest regulations. The regulatory landscape is constantly changing, so it is important to be aware of the latest changes.
Implement a compliance management system. A compliance management system can help you track your compliance with regulations.
Conduct regular audits. Regular audits can help you identify any compliance gaps.
Train your employees on compliance. Your employees need to be aware of the company's compliance obligations.
With over 20 years of industry experience at Veritas and IBM, Doward specializes in ransomware protection and cyber resiliency with a background that spans working with some of the largest telecom providers in the world. With a first-hand glance at what companies must contend with around structural and regulatory issues, he has been increasingly focusing on ransomware, concentrating on how to best tackle data security issues that customers have.