Pretty much every part of our day-to-day lives has now been enhanced by technology. Over the last number of years, there has been a rise in digital currencies like cryptocurrencies, which is an entirely new way to pay and invest cash, and digital real estate in the Metaverse. Consumers are investing and growing their assets in the new digital age. But with these new ways of investing comes new dangers and risks.
Here are 10 predictions for the future of compliance in our ever-changing digital world:
Increased Individual Responsibility for Assets
With the rise of neobanks and cryptocurrencies, any consumer or business can invest and take care of its financials. This can bring significant risks and losses with little protection from regulatory bodies. This is a market where regulation is still being developed, and it will be years before regulation catches up with the disruption that these new digital spaces are causing. Until then, governance and compliance fall on the individual or business. Business owners should avoid these 15 costly legal mistakes.
Blockchain and AI Come with High Levels of Risk
Blockchain technology has become a great way to acquire consumer assets. AI and Blockchain will become part of the audit and risk process as it becomes more mainstream and people learn about their risks. Through product traceability and compliance applications, businesses can ensure governance and compliance for their investments.
Risk Management and Compliance will Become a Built-In Feature
In the future, collaboration products such as Clinked and tools will have built-in governance, risk, and compliance functions. These platforms will have consistent security and compliance policies for all businesses. We are already seeing this happening in financial institutions.
Video Meetings Under Compliance Reviews
Due to the number of meetings on Zoom and other video programs, video meetings and webinars will be added to risk management and compliance reviews. These reviews are to ensure there are no security or liability concerns.
Proof of Programs
Regulatory bodies in the US will begin to ask for the inclusion of specific programs and policies to ensure accurate record-keeping of all digital communications, such as video meetings, webinars, and voice and messaging services.
Regulators Will Emphasise Communications Records
Regulatory bodies will emphasize any communication records used within a business, such as video, voice, and messaging services, as more and more data, is being shared across these new platforms.
Liability will Increase for Leaked Information
Liability laws and regulations will increase for data breaches and leaks. Laws that protect any information or data leaks will be put in place or solidified to make people and criminals more liable for the theft of digital information or assets like cryptocurrency.
Remote Work Will Increase
The traditional way of working will be a thing of the past, and where appropriate, remote working will be introduced. It ensures a happier workplace but involves a lot more risk. Regulatory bodies will scrutinize all platforms, data sharing, misconduct, and data leakage to ensure compliance and direct governance.
Internal Review of Digital Records
Along with regulatory bodies, internal auditing and reviews will now include all digital records to ensure regular compliance with the new governance laws of digital assets and information. It also ensures there are no leaks or thefts of any sensitive information.
Millennials Will Keeping Pushing Technology
As millennials move into positions of power in business, adopting more technology into regular business life will increase. Outdated policies and procedures will be slowly phased out for a more technology-based work environment. Governance and compliance will have to improve and evolve at the same rate in the new workplace to give protection to all concerned.
Helping Data Compliance and Safety With Clinked
A custom portal, like Clinked, is an excellent tool to increase safety and compliance for businesses. By using a communication tool that can be applied from end-to-end of a business product or service, it will be easy to ensure compliance and control risk, not only for the business itself but for auditors and regulatory boards.
Clinked's portal can be designed to contain as many features as desired that are applicable to your company, including communication, collaboration workspaces, and security. Once it is designed, Clinked will work efficiently to deliver your customized portal so that your company can work professionally with data protection and compliance.
These predictions ensure an exciting future for all consumers and businesses. While these platforms are great for change and the inclusion of technology, they still come with significant risks as many governing bodies have yet to put in place the necessary compliance and risk laws. Consumers of all sizes need to be vigilant in their investments until the regulatory bodies catch up. But with portals like Clinked, it doesn't have to be stressful. With the right tools, companies can keep their data protected and their workplaces running smoothly.
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