DIGITALIZATION SHIELD
THE NEW COMPLIANCE NORMAL
DIGITALIZATION THE NEW COMPLIANCE NORMAL Although the term may be in dispute; digitalization, cloud migration and digital transformation all refer to essentially the same thing. Specifically, making data and content always accessible, with reduced dependencies in the organization IT and accessible remotely from any device. One thing that is indisputable is how COVID-19 has accelerated digitalization and the centralization of content on a secure cloud infrastructure. The move was borne out of necessity and not forward-thinking by a few select visionaries from every field. Even the financial industry, which is often derided for being slow to adopt technology and resistant to change, has embraced digitalization full-on. There’s nothing else quite like a pandemic to spur digitalization forward as a mission-critical aspect of business continuity.
On-premise solutions carry challenges On the New Compliance Normal Hub, we highlighted how the new normal opened “the door to various market abuse scenarios especially in the current volatile markets, from Insider Dealing to Spoofing and Layering. You no longer have physical control over your once monitored employees.” This gap in business continuity accelerated the adoption of digital transformation efforts and the migration of operations to the cloud, which we discussed previously.
Digital efficiencies drive cost reductions Collectively, agility and the ability to work outside a corporation’s typical bureaucracy and other impediments that thwart rapid change catapulted digitalization into the spotlight for small businesses. Especially those who were locked out of their own offices. And here’s where it gets interesting for many digitalization vendors, since “where there’s a mystery, there’s money to be made.”
Cybercrime is on the rise Risk and compliance requirements never go away. Regulatory authorities have been known to offer temporary respite during financial crises, but the laws still apply. Even prior to the onslaught of the novel coronavirus, regulatory guidelines and providers like Cappitech reminded firms that they needed to be prepared. “Whether it’s internet problems, kids at home or illness, the current work from home environment means you can expect staff not to be 100% available to follow their usual reporting routines.”
Source: https://www.shieldfc.com/