Digital impact on the regulatory landscape
Digital transformation and disruption have consequences for businesses and regulators across compliance, audit and enforcement.
The impact of regulation on a business can’t be underestimated, so recognising the cost of compliance and risk of non-compliance in an ever-changing landscape is vital, particularly where change is rapid.
Fundamental to success is understanding the aims and motivations of regulators. Regulations exist to protect citizens and businesses, correct market failures and make many aspects of our lives easier. Their effectiveness is being tested in the crucible of the coronavirus crisis. But more widely, they are having to change to respond to the explosion in digital technology that is impacting on all aspects of society on a global scale.
To achieve a balance between serving the public good and remaining sympathetic to business needs, regulators are harnessing digital transformation in their own operations.
From the impact on data privacy to environmental obligations and beyond, it's essential to consider the impact on risks and compliance of any digital transformation programme that a business undertakes.