Back in 2022, we identified 3 trends in compliance: reopening businesses and promoting hybrid work, advisory on the potential consequences of violating or using any of previous employers' confidential information, and more litigation over the choice of law.
The content of this blog is based on a different article and we will indicate the link at the bottom. For 2023's trends in compliance, there are six to which compliance officers would look forward to.
1. Continuing Digitization Efforts. Digitization efforts include more organizations shifting towards the use of data to understand key trends and risks in compliance and plan immediate action to mitigate the risks. Instead of using Excel spreadsheets as storage for compliance training data, digitization will become rampant.
2. Getting Better Acquainted with our Supply Chain. Implementing controls to ensure that human rights are not violated will be the core action done by compliance professionals. Since there are yet to be foundational supply chain issues like anti-bribery and corruption diligence right, compliance professionals must proactively identify and address the problem.
3. Incorporating ESG into our Compliance Training Programs. According to the article, compliance officers need to help their organizations figure out who owns ESG, how to create a sustainable program around it, and what will reporting look like, among other things. Doing so will help organizations identify and manage the risks efficiently.
4. Surfacing Ethical Concerns around Artificial Intelligence. For AI to thrive across industries, it is important to still necessary for compliance officers to educate themselves on the potential risks and weigh in on the AI policies and guidelines. This is to ensure that the AI is built with an ethical lens and continuously monitors and enforces those guidelines in the organization.
5. Looking at Data Regulation Laws in the United States. This simply means that organizations must respect the laws and rights regulated regarding personal information and take a consumer-facing approach.
6. Preparing for Increased Investigation & Enforcement. In the coming years, it is expected that there will be higher fines and prosecutions. What compliance officers should do is ensure that the compliance programs are evaluated if it is effective and provides appropriate actions to take to ensure a culture of compliance.
Read more with the link right here to the original article: