Taking a closer look at the compliance/regulations landscape
Happy New Year and welcome to 2023. As we enter into a new year, the regulatory landscape is almost certain to get more complex and involved. Regardless of your industry, the volume and variety of new legislation being introduced can put your firms ability to execute at risk, not to mention financial and repetitional consequences.
For example. In the financial services sector, the SEC ( Security Exchange Commission) is the leading regulatory body that oversees and enforces policy. In FY2022, the SEC filed 760 enforcement actions translating into $6.4 Billion in fines (the most in history). In FY2021 the fines totaled $3.8 Billion. That represents an approximate 60% increase year-over-year.
So how do you best prepare your firm to manage the risk and compliance tsunami that is affecting every industry? From DataHub’s experience, it is all about people, process and technology. The firms that make the investments in those three areas usually can manage upcoming regulations and compliance in a proactive manner. Below is a figure DataHub’s methodology around GRC. We have developed a GRC framework to help streamline and customize GRC process across different business units.
DataHub is a Systems Integration firm that focuses on GRC. We have teamed up with IBM and their GRC solution OpenPages. DataHub has dedicated certified professionals that can deliver and train your team on OpenPages. Please reach out to us with any inquiry. firstname.lastname@example.org