Debunking “Top 10” Compliance Predictions in 2019
I often read pundit’s “top 10” lists, be they predictions for the coming year (as it seems everyone has in January), or rehashing trends. I have some bloggers that I tend to follow either because I usually agree with them, get a good laugh from them or disagree with them and wonder why they blog. But I digress. My point, this week, is to talk about some of the 2019 Top 10 Predictions I have seen and comment on them.
The Governance, Risk & Compliance (GRC) space will be dominated by platform solutions. This one falls into the “get a good laugh” category. Seems like every industry for decades has chased the illusive all-encompassing magical platform. But much like unicorns, Santa Clause or fire breathing dragons, they are lore and not reality. I think that companies that espouse the total end-all, be-all platform are software alchemists, trying to turn code into gold.
Leveraging Internet of Things (IoT) in GRC (and other really cool things you can spell with Alpha-Bits). So our new refrigerator tells us when we’re low on milk - and that is pretty cool, except when it confuses milk and orange juice. At ETHIX360, we’re all about data and analytics to support GRC programs, but talking toasters aren’t going to help in 2019. We’ll save that one for 2020 or beyond.
Brexit and Brethics, GDPR, California’s CCPA, blah blah blah. Privacy has always mattered and I am as concerned about it as the next guy. I do agree that there are lots of changes, regulations and hopefully clarity coming. But I see ambiguity and posturing more than actionable regulations. GDPR was the Y2K event for this industry and, much like Y2K, it promised a bang and delivered a whimper. It’s hard to find two ministers in the EU that even agree or understand what GDPR is other than a knee-jerk reaction to Google selling people’s data to advertisers. The result? A bunch of CCO’s running around with their hair on fire chasing ambiguous and sometimes contradictory regs as if their very soul’s place in eternity was based on getting it right. Good luck.
Cyber security and the expansive role of Industry Data Standards to combat the threat. Nice thought here… if only solving a real problem was a simple as a policy change. Hopefully, instead of the prediction that the focus will be on these enhanced standards, focus will be on the revelation that compliance with standards does not ensure real data security. Just look at the companies who have entire departments to write and adopt policy and standards, and spent a fortune in those efforts, and are still the targets of cyber-violence… right Marriott? Here’s one prediction I have not seen and will venture out with now – cyber insurance premiums will double in 2019….
There’s others that are being bantered about that I tend to agree with. Greater use of AI, for example. Improved operational resiliency for another. Here’s hoping everyone has a safe and compliant 2019!
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J Rollins is the co-founder and CEO of ETHIX360. J is a well known leader and innovator who has served on senior leadership teams ranging in responsibility from Chief Revenue Officer, Chief Marketing Officer, SVP of Product Strategy and Chief Operating Officer.
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