Accenture in its report states that - "Compliance’s role as both a strategic advisor and a risk assessor continues to be challenged by the diversity of risks to understand, monitor and manage. In three years, cyber risk is expected to bein the top three most challenging risks to manage".
The preparation industry-wide is to adhere to existing Compliance and mitigate upcoming risk metrics in existing technologies. New risks in existing technologies are imperative as adoption increases. Ever growing internet penetration and adoption of mobile will add more to it.
Institutions anticipating an 89 percent increase in compliance investment over the next two years.
Compliance institutions and Governments are struggling to even cater to those increasing risk due to accelerated penetration of existing technology.
Though there are more challenges and which are yet to be discussed and vindicated on big platforms.
There is large scale research and adoption over AI, ML, Blockchain, Quantum Computing, RPA (Robotic Process Automation), Drones and AR (Augmented Reality)/VR (Virtual Reality)/MR (Mixed Reality). These technologies have already been adopted in some way or another and are rising at an unprecedented rate than before.
The complex nature behind these technologies needs deeper understanding to create boundaries around it. Its time to start discussing them on open forums and aggregate industry leaders to come along with the common goal of creating compliance around it. Undue delay can lead to the irrelevance of compliance. This will expose people, government, business, resources at risk. That means we would be openly exposed.
As per Accenture report - While investment in the function is rising and expectations have matured, Compliance has in many cases not taken advantage of the tools and technologies that can help it effectively leverage this investment.
These technological advancements are so powerful that the outcome can be very scary if left unregulated.
Overall, Compliance is itself facing risk as to its continually disrupted by advances in technology. More onus toward governments to work in this area to accelerate work and bring consensus between major parties for adherence.