ABSTRACT
Legislation is constantly evolving, and there are distinct differences for each country. Both the financial and healthcare sectors are highly regulated, e.g. the Anti-Money Laundering and Counter-Terrorism Finance Act, Know Your Customer, the Dodd-Frank Act, the Foreign Account Tax Compliance Act, and the Health Insurance Portability and Accountability Act. But also technology companies face regulations, e.g., the Digital Services Act package which includes the Digital Services Act and the Digital Markets Act.
In addition, a significant aspect of compliance is related to privacy (e.g., GDPR, CCPA, and the upcoming PIPL). The effort and expertise required to be in control of data is increasing. As a consequence, a growing number of regulatory technology companies (RegTechs) offer software to address these compliance obligations. Also, ethics is an emerging topic. The application of company values and moral principles put additional demands on organizations. Furthermore, the increasing data volumes and analytics processing power are setting an ever rising bar for organizations. Processes and tooling need to be more robust and in-house capabilities need to be more advanced.
