The Future Of Website Compliance: Emerging Regulations And Trends To Watch
With the recent publishing of WCAG 2.2 as the ‘W3C Recommendation’ web standard, with an additional nine success criteria, multiple questions have cropped up about the future of website compliance. Besides, multiple expected and unexpected changes impact global and supply chains, thus triggering more risks like data and consumer privacy threats and cybersecurity. It is no wonder there is now an increase in regulatory technology, leading to the need for streamlined, cost-effective, and technologically advanced solutions for website compliance. We at ADA Site Compliance thoroughly know web accessibility complexities. Our team of compliance experts keeps themselves constantly updated about the latest regulations and trends to help your business prioritize website accessibility and consequently improve your bottom line.
Ten Regulatory Technology Trends to Watch in 2024
There are ten important reg tech trends to watch out for in 2024. Each of these trends can redefine compliance technology:
1. AI-Driven Compliance Solutions
With AI and machine learning automating and enhancing regulatory adherence, tasks like sifting through vast data volumes, detecting abnormalities, and generating real-time actionable insights have never been quicker. It helps organizations stay ahead of emerging regulatory compliance trends and requirements.
2. Blockchain Technology
Blockchain’s immutable and transparent ledger has made huge strides in the Know Your Customer process. Secure and efficient customer verification helps reduce fraud and streamline due diligence.
3. Real-Time Monitoring
Multiple organizations continually assess compliance posture and adjust strategies to ensure compliance with the shifting regulations to take new risks and help with risk management.
4. Cybersecurity Takes Top Priority for Optimal Data Security
The constant rise in cyberattacks makes cybersecurity a top priority for organizations. Compliance officers generally follow these steps for optimal cybersecurity compliance efforts:
Keeping updated with the latest cybersecurity threats and attacks
Developing and implementing appropriate data security procedures for employees with IT and security teams.
Regular risk assessments to identify risks and vulnerabilities and focus resources and initiatives where needed
Implementing appropriate access controls and data protection measures to minimize the risk of data breaches and unauthorized access
Creating incident response procedures outlining the necessary steps to take in case of cybersecurity incidents
5. Data Transfer Across Borders
Cross-border data transfer will take a more critical stand in 2024, with regulations like Europe’s Schrems II raising concerns about legally transferring sensitive information and data between jurisdictions. Regulatory technology initiatives require companies to seek compliant and secure ways to transfer sensitive data internationally.
6. Safe Supply Chains
Governments are concerned about having safe supply chains, especially in the healthcare and defense industries. Regtech solutions include organizations working with suppliers and partners who maintain optimal cybersecurity.
7. Prompt Report Of Incident
The quick and transparent reporting of cybersecurity incidents through robust incident response plans is another one of many regtech solutions.
8. Compliant Remote Working
Remote working is the new normal, bringing unique compliance challenges like maintaining data security. Regtech requires sophisticated compliance training and compliance programs leveraging technologies for a more immersive experience.
9. Data Privacy Regulations
Data privacy rules like GDPR are expected to have more new, stringent laws. The increased focus on countries outside the European Union enacting their own data privacy laws also adds another complex compliance layer for the analysis of data used.
10. Global Regulatory Cooperation
With an increasing number of globalized businesses, there is a growing need for regulatory harmonization. Standard global regulations will play a role in simplifying compliance and promoting international cooperation.
AI: An Advantage or Disadvantage to Mankind?
Undoubtedly, the most emerging trend in 2023 and 2024 is the advent of artificial intelligence. It is because the many AI tools available online make work so much easier and more efficient through:
Better compliance reporting
Automation of manual tasks
Absolute scalability and adaptability
Minimal human error and bias
Real-time monitoring and detection
Better risk assessments
Risk prediction and mitigation
Organizations that adopt and implement AI in their working process naturally improve their work efficiency and save time. They stay ahead of the trends and evolving regulatory requirements. This proactive approach, in turn, helps ensure an organization’s process integrity and trustworthiness.
Is It Ethical to Use Artificial Intelligence?
Undoubtedly AI tools do help streamline compliance issues. However, with the streamlining process, multiple questions revolving around the ethical use of AI for issues like algorithms have cropped up that need addressing.
Benefits of Using Regulatory Technology for Compliance Processes
The increased dynamic and complex regulatory landscapes have led to the creation of new regulations and the updating of existing ones. Compliance officers must thus understand and apply appropriate compliance processes and sustainable practices to maintain compliance in their organizations. Multiple regulatory tools and technologies are available today for compliance officers to automate the compliance process as per complex regulatory environment requirements. The other benefits of leveraging regulatory technologies for compliance and policy management include:
Automating tasks and reducing the reliance on manual efforts saves time and improves efficiency
Effective real-time monitoring and assessment of compliance risks will help take appropriate proactive measures
Improved data management and reporting systems providing easy access to assignments like documentation and audit trails
Agility and adaptability to be updated with regulatory changes through regular updating of compliance policies, policies, and regulations
Data Privacy Regulations – At the Hilt of Emerging
Data and analyzing data privacy of any organization ensures the organizations stick to legal and regulatory requirements. Data privacy regulations are also so vital in today’s changing business landscape. Protecting individual rights is now an integral part of data privacy regulations. Compliance officers are thus directly responsible for safeguarding personal data and computer systems from unauthorized access and misuse of user behavior to maintain trust between the organization and stakeholders.
With organizations operating in various regions with individual data privacy requirements, compliance officers and privacy professionals must understand regulations affecting international data transfers regardless of the organization’s geographical location. The constant introduction of new laws and updating existing regulations require compliance officers to keep themselves updated about them and adapt their compliance strategies. This ensures the organization remains compliant, avoids penalties, and adapts to new compliance requirements as they pop up.
Using Voice Search for Easy Searches
Thanks to AI, search engine technology has dramatically shifted how people conduct searches. It is mainly due to the growing use of assistants on mobile devices, like Siri, that has influenced the popularity and shift in search technology. With convenience and faster internet speeds taking priority, an increasing number of people are now using voice searches to conduct online searches. Voice searches work with the help of natural language processing that enables computers to understand written and spoken human language.
Conclusion
The pandemic has led to the growing trend of organizations moving their business operations online. Organizations must ensure digital compliance with appropriate regulations and industry standards. Compliance managers and officers can help their organizations remain compliant by staying updated about emerging trends and regulations. We at ADA Site Compliance thoroughly know web accessibility complexities. Our team of compliance experts keeps themselves constantly updated about the latest regulations and trends to help your business prioritize website accessibility and consequently improve your bottom line. Contact ADA Site Compliance today for all your website accessibility needs!
