Globally rising regulations, the role of innovation, and US-based CCPA compliance
With new legislations implemented and existing legislations reviewed, regulatory expectations have tremendously heightened for all organisations. Over the years, there are more than 70,000 documents outlining and describing regulatory changes.
With new legislations implemented and existing legislations reviewed, regulatory expectations have tremendously heightened for all organisations. Over the years, there are more than 70,000 documents outlining and describing regulatory changes. In fact, Thomas Reuters Cost of Compliance 2019 Report expressed that regulatory information is expected to increase in the upcoming year. The main question is: Will it be cost-effective for organisations to constantly engage Compliance Officers to understand different regulations thoroughly and adapt it to their business models?
Regulatory and compliance issues have been one of the most complicated and resource-intensive concerns of most organisations, especially for those in the financial sector. With the sharpening of regulatory requirements, it is almost impossible for organisations to remain compliant without the expertise of Compliance Officers. However, according to PwC’s State of Compliance study, 70% of the compliance officers are using technology to monitor employees’ policy compliance. Evidently, innovation is the way to tackle regulatory and compliance issues, whilst also reducing costs.
CCPA in the United States
In the United States, the recent roll-out of the California Consumer Privacy Act of 2018 (CCPA) has made Privacy the hottest topic in The Big Apple. To navigate through multiple regulations, many American organisations have engaged RegTech to bridge the gap between themselves and the authorities while protecting the interests of their consumers. The role of RegTech goes beyond simplifying and strengthening compliance for all organisations. As RegTech helps companies comply with regulatory obligations, the edge-cutting technology also offers itself as a cost-efficient tool for companies to remain competitive in the market. In essence, RegTech is a fundamental pillar of the modern business model.
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