Top Compliance And Regulatory Trends For 2021 You Need To Know About

The end of the second decade of the twenty-first century marks the rise of the new normal for compliance teams. Expectations are high and more challenging than ever before. Things continue to shift, with a range of innovations and trends making compliance procedures more effective as well as more efficient. New compliance regulations and directives appear every year to have an impact on all industries, whether you are a large company, a small business or a provider like phscompliance.co.uk.

Change is inevitable and this is particularly true when it comes to compliance and regulations, with authorities updating the rules all the time. Equally, preparedness is everything: this puts you in the best position to react to the ever-changing landscape. At the end of a year like 2020, it is difficult to know exactly what to expect for the year to come. However, it is possible to make some predictions based on what experts are telling us about the latest

On that note, let’s have a look at the top compliance and regulatory trends that we can expect to see in 2021.

Advancements in GRC Software

The cat and mouse race continues as new cyber threats continue to emerge just as technology evolves to address them. With cyber threats ever escalating, Governance, Risk, and Compliance (GRC) tools are critical in order to address vulnerabilities and protect businesses from cyber attacks. These tools, when integrated, not only eliminate the risk factor but also optimize operation efficiency ultimately leading to better and timely decisions.

A trend we’re set to see in 2021 is the further development of advanced GRC tools that will enable better gap analysis, risk assessment and incident response.

AI-Driven Chatbots

There was significant growth of AI-based interaction between the businesses and customers through the COVID-19 pandemic and this trend is set to intensify in 2021 as consumers settle in to the “new normal”.

AI-driven chatbots have become almost essential to ensure efficient interaction without compromising on health and security of the customers and employees. This trend is extending into the compliance space, with chatbots helping compliance managers with real-time insights, answers to compliance questions, and reports.

Remote Audits

There is no doubt that external as well as internal audits are essential to ensure complete compliance with all relevant regulations. Amid the COVID-19 threat and associated lockdowns, the on-site presence of the auditors may be impossible. However, the latest Information and Communication Technologies have made remote audits possible and even effective. With companies now realizing the flexibility and efficiency that remote audits offer, it is likely that many will choose to continue with this set up even as the pandemic subsides.

RPA Tools

Robotic Process Automation (RPA) not only minimizes manual effort, but it also streamlines workflow. An advantage of RPA tools over personal assistants and live chatbots, is that they can execute tasks repeatedly. When it comes to compliance, RPA tools help companies with flawless and rapid automation of a variety of routine tasks including email circulation, notifications, status updates, generation and delivery of reports, as well as change tracking.

More Emphasis on Internal Security

April to June 2020 saw a significant rise in spending on cloud security. This trend will continue through next year and beyond thanks to an increased demand for cloud technology that is outstripping conventional technological upgrades.

The number of employees working remotely has increased, and many companies are planning to continue remote working arrangements at least part time during 2021. Therefore, the need for added security measures is inevitable. It will be essential to protect devices and systems to avoid vulnerabilities and fraud, especially malicious insiders.

Risk Management and Anticipation

2020, as a year filled with uncertainty, has served as a warning for organizations and reinforced the importance of risk management. Marketing trends, employees' work behavious, revenue expectations, almost every aspect of business operations shifted greatly and dynamically.

In this light, we can expect 2021 to be a year of preparedness and risk management. 2020 taught businesses a lesson nobody will forget for some time. Business leaders are not only waiting for the end of 2020 but they are doing all they can to prepare for the unexpected and manage risk as well as they can.

Final Thoughts

The world has changed forever in 2020. The priority, as far as the business are concerned, is not only to protect and secure their employees and assets, but also to support their customers in the best possible way. Proper compliance with regulations is essential in order to achieve both goals.

It is essential to keeping an eye on current regulations and changes, while anticipating the trends for the coming years. Keeping up to date with compliance allows your business to get the edge over your competitors in the long run, especially those who focus only on short-term gain.