Rapid growth in compliance and regulation globally has led to an upsurge in recruitment for compliance roles. In 2013, Reuters reported that JP Morgan was investing $4 Billion in its compliance and risk operations, which included the recruitment of 5,000 new compliance staff. This is one of a number of firms that has recently invested heavily in its compliance in an effort to deal with new regulations, many of which have come about due to increasing cyber threats.
Technology is a wonderful thing. But where corporate compliance is concerned, it can create both solutions and problems.
Highlighted below are some of the key technology trends that are currently impacting on the compliance of global organizations.
3 Key Technology Trends Affecting Corporate Compliance
Social Media
The use of social media in large organizations has become increasingly popular. Organizations are using social media for a range of purposes including enhancing their sales and marketing efforts and improving customer service and loyalty. This is working very well for many but with it comes an increased level of responsibility on organizations to monitor all communications through social media and ensure that social media policies are adhered to by all employees. Identity theft and defamation of character are among the compliance issues some organizations have faced as a result of social media usage.
We recently dedicated a blog post o The Compliance of Social Media which explores this trend and the impact on compliance in greater detail.
BYOD
A 2013 Cisco Survey revealed that the number of BYOD devices in US workplaces will reach 108 million by 2016. Based on this information, it is clear that mobile is having a significant impact on modern organizations. This increasing adoption of BYOD means greater efficiency and cost savings, and increased flexibility for employees who wish to access their work from home or in other locations outside the workplace.
But BYOD has raised a number of serious compliance issues – notably data protection and privacy. If a BYOD device is lost or compromised by hacking, what measures will an organization put in place to ensure sensitive data is safe? Strict policies and best practices that combat BYOD threats must be vigorously enforced in every organization, particularly those with a large workforce where the risks are greater. In 2014, we are seeing increased tension between the need to protect corporate data, and the demand for BYOD flexibility
Big Data
It seems like every time we’re online these day, we see something in the news about this. Since 2013, many organizations have either adopted new tools or began developing their own that can analyze large volumes of data to provide meaningful insights that help drive informed decision making. Big data analytics is useful in compliance (particularly for information security and IT risk management) as it enables compliance teams to filter enterprise data, identify potential risks and make valid predictions on how risks will play out. What’s the desired result of this? – Organizations will see risks and threats coming and have an opportunity to prevent them escalating into real problems.
Are you concerned about the use of technology in your organization and how it could affect you?
Does your workforce require training on social media usage or BYOD?
Interactive Services is a global leader in development of custom learning solutions. We have worked with a number of the world’s most prestigious brands to develop training in areas such as compliance, sales, onboarding, product amongst others.
If you would like to discuss your training needs or see some of our latest work, contact us today!