Emerging Challenges In Compliance
Global regulators continue to prescribe ever more challenging compliance requirements, especially in regulated businesses such as financial services. This used to be primarily a CRO/CCO concern, but has now been elevated to the board level. Gaining the attention of the board has ratcheted up the pressure, but at the same time has resulted in additional resources being allocated to address the myriad compliance issues facing organizations today.
"organizations need strong data management controls and governance policies to mitigate the downside potential and maximize the upside"
These regulations now have a significant data component that is beginning to fundamentally reshape the role of the CIO. Among the most pressing needs is the necessity to gain control over the vast stores of data that continue to grow at an accelerated pace, presenting both significant risks and major opportunities. Organizations need strong data management controls and governance policies to mitigate the downside potential and maximize the upside, and data analytics is being increasingly adopted to serve both purposes. Security and privacy issues are another major concern, especially given the pervasiveness of mobile technology and the patchwork quilt of regulations around the world that can bedevil multinational organizations.