What is the future of compliance?

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Kelly Smith

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Dec 30 · 2 min read

What is the future of compliance? Kelly Smith Kelly has done masters in Business Administration. She has strong analytical skills and interpersonal skills. Follow

With bigger risks come bigger rewards. But new territory also brings the potential for bigger losses, with little protection in the form of regulatory oversight. Smart investors can take advantage of the disruption and multiply their investments — these are the retail investing stories one can read about focused on big gains on a meme stock or an early adopter’s NFT collection now worth millions. Beware of the dangers of taking big risks in markets where regulation is still in the early stages. It will be years before regulators can catch up to the disruption happening in rapidly evolving digital spaces like cryptos, gaming and the metaverse. In the meantime, the task of governance falls on the individual, as well as on provider communities that have to come together to grow responsibly. Risk management will be embedded into fintech products by design. On the enterprise side — for those building the tools people use in these super-digital spaces — don’t expect to see much change in the way risk and compliance is handled, especially once regulators do catch up and set guidelines around safe practices. The correlation between growth and responsibility will not change. The basic steps of risk management will not change. AI and blockchain are the next evolution of risk. Blockchain technology has evolved rapidly over the past decade. Blockchain has entered the mainstream with well-established companies providing blockchain-backed tokens and assets to consumers. As stakeholders become comfortable understanding the financial, operational, and regulatory risks that come with the territory, I believe AI and blockchain will become embedded into the process of audit, risk and compliance.

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