- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
In a rapidly changing digital world, thinking around compliance needs reframing. The question today is whether compliance can stay ahead of the curve.
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Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.
The challenges for compliance moving forward through the decade will become more insidious in nature. The profession requires fresh thinking and different perspectives, complemented by creativity, curiosity, and care.
Compliance is perfectly primed to adapt, with the ability to influence change in culture as part of integrated and innovative approaches to risk management. Does that translate to the board level?
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
