Compliance technology trends for 2022 - KnowTechie
Regulations for compliance within companies are constantly evolving, but they have changed more than ever in the last two years. Alongside regular changes, such as inflations and consumer habits, businesses now have the added pressure of the COVID 19 pandemic.
However, the pandemic has seen a new demand for better technologies that allow for compliance within the workplace. For instance, organizations have rapidly had to adapt technologically to new working practices that enable a different approach to compliance.
As we progress into 2022, companies continue to face challenging times ahead as further regulations within the ‘new normal’ are introduced. Hybrid work models, which are now being adopted by more businesses, will bring about new technologies, and therefore different regulation updates.
Compliance will subsequently be met with a prominent rise in digital developments, such as AI technology, that enables better working and encourages an overhaul in management practices.
So, taking recent developments into account, what compliance technology trends can we expect to see in 2022?
Cybersecurity
As more organizations adopt hybrid approaches that incorporate home and office working, 2022 will see companies focusing much more on cybersecurity than ever before. This will in turn drive technology providers to develop new and improved systems that support new compliance regulations.
While technological advances present numerous opportunities for organizations, they, unfortunately, can bring about many security threats, therefore any risk management strategy should account for preventing cybercrime. This will become more important coming into the future, as cybercriminals are starting to develop and utilize more complex software to attack their targets.
For instance, deepfake technology, which has already been misused by criminals to spread fake news or create hoax videos, has now been abused by con artists. Using an AI-simulated voice, fraudsters were able to con a major UAE bank out of $35million.
How far cybercriminals will go in terms of using AI software remains to be seen, but there is no doubt that 2022 will see organizations invest more in risk management cyber solutions. As technology advances further, businesses are also likely to consider more measures to prevent phishing, malware, and data breaches.
Data integration
Consolidation of data is an effective risk management strategy as analytic insights can be applied to help identify any trends and therefore predict and manage risks. Data that is stored across different locations within a company, can cause numerous headaches for a firm. Juggling information across numerous documents and spreadsheets not only slows down productivity but can also put security at risk.
Being able to manipulate stored data from one access point is simpler and more secure. It can also help transform raw data into analytics at one click, thereby allowing for faster and more accurate decision-making. It is therefore crucial that organizations have a centralized data management system to make sure all company information is stored in a way that is integrated and supports the business’ compliance regulations.
Remote audits
While both internal and external audits are important for compliance within an organization, recent developments in the world have changed the face of regulations in the workplace seemingly forevermore.
The covid 19 pandemic and the subsequent restrictions imposed have given rise to remote audits. In the first half of 2020, the UK Government published guidelines that enabled auditors to operate remotely.
However, whilst these guidelines were expected to be temporary, it seems that the auditing landscape has changed indefinitely. Advances in information and communication technologies that enable home working mean that remote audits are viewed as more practical and cost-effective.
It is reasonable to assume, therefore, that we will see a bigger demand for remote audits throughout 2022.
Conclusion
Changes within the world, in particular the effects of the COVID 19 pandemic, have changed the landscape of compliance technology significantly. Technological advancements brought about by a new way of living and working have enabled organizations to adapt to the current climate.
As tech software improves and companies try to keep up with different working practices, as well as increasingly savvy cybercriminals, 2022 will continue to see major changes in compliance technology.
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