FEATURE to an already vast array of demands on legal and compliance teams .
Emerging technology will present challenges : from the merging of technology and finance and the growth of Blockchain and cryptocurrencies , to monitoring and responding to laws around AI .
Paying the price
The consequences of not keeping up with regulation can be severe , including heavy fines , lawsuits and reputational damage .
In the UK , companies that breach GDPR regulations have faced penalties of tens of millions of pounds . Businesses in the EU have faced even bigger fines for non-compliance , while new laws have been passed that mean those breaking environmental laws could face fines and imprisonment . Beyond financial losses , damage to customer , investor and stakeholder trust can be harder to quantify but no less impactful .
While it ’ s easy for businesses to view regulation as a threat or an obstacle , it ’ s important to recognise the value it brings . Regulation protects businesses from unethical practices , creates a level playing field and instils consumer confidence . For industries like healthcare and financial services , proper regulation is key to building and maintaining trust .
So the problem isn ’ t regulation itself , but how can you keep regulatory drains on resources under control ? How to reduce the time and
WHILE AI CAN HANDLE THE HEAVY LIFTING OF DATA ANALYSIS AND DOCUMENT REVIEW , HUMAN JUDGMENT REMAINS CRUCIAL FOR NUANCED DECISION-MAKING . www . intelligentcxo . com
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