Developments in Technology Shaping Risk and Regulatory Compliance in 2014
In 2014, four major industries - financial services, energy and power, information technology and telecommunications, and health care - are facing significant challenges and developments in risk and compliance management due to technological advancements.
The Affordable Care Act (ACA) implementation is creating many new services and regulatory issues. However, a search for healthcare company reports addressing the ACA's technical and compliance challenges yielded no specific results, with no detailed company reports covering these topics found.
In the financial sector, stress tests are mandated under Dodd-Frank to demonstrate a bank's capacity to survive financial crises. As of January 2, 2014, 201 of the 398 total required rulemakings under Dodd-Frank have been finalized.
The technical problems of the health.gov site, as illustrated in a 2014 hearing, demonstrate some of the challenges in addressing the complexity of the ACA legislation.
The Obama Administration has prioritised mitigating the adverse impacts of climate change, with significant technology developments in alternative energy sources, smart grid systems, and energy storage technologies being proposed. The White House's "The President's Climate Action Plan" from June 2013 outlines these developments.
The EPA's Rule 2060-AR33, "Standards of Performance for Greenhouse Gas Emissions from Existing Sources: Electric Utility Generating Units," aims to mitigate the effects of carbon emissions on climate change. However, its impacts on electricity prices and power grid reliability are uncertain.
The EPA's "Breaking Through? Evaluating Technologies for Greenhouse Gas Mitigation" report, published in 2013, discusses technologies for reducing greenhouse gas emissions.
Cybersecurity threats and privacy concerns are major issues for providers of information and telecommunications systems and services. The National Institute for Standards and Technology released a preliminary cybersecurity framework in response to the President's Executive Order, and the growth of social media, mobile, and cloud computing has introduced new risks and compliance questions. Advanced encryption technologies are being developed to mitigate cyber risks and protect privacy.
Hydraulic fracturing (fracking) is a contentious area for risk management and regulation in 2014 due to its potential environmental impacts. The benefits of hydraulic fracking are discussed in the Oxford Energy Forum's report titled "Benefits of Hydraulic Fracking," published in February 2013.
The Department of Defense is requiring companies in DOD contract supply chains to implement new measures for securing their information, as stated in the "Defense Federal Acquisition Regulation Supplement: Safeguarding Unclassified Controlled Technical Information (DFARS Case 2011-D039)" published in November 2013.
The SEC's National Exam Program tests registered entities for compliance with SEC regulations, with fraud detection being a notable priority in 2014. Many debates and even legal actions are expected to occur in 2014 to resolve the various issues arising from these compliance requirements.
Using improved workflow processes, mobile, and cloud technologies can enable more patient engagement in health care services, but they must mitigate cybersecurity threats and address patient privacy requirements.
The year 2014 is predicted to be a very interesting year for corporate risk management and regulatory compliance. With the challenges and opportunities it presents, companies in these industries will need to adapt and innovate to navigate this complex landscape.
Read also:
- AI-Enhanced Battery-Swapping Station in Southeast Asia Officially Opens Its Doors
- Honda unveils blueprint for design, advanced driver assistance systems, electric vehicles, fuel efficiency, and technology development
- Rising Tesla Sales in China, Model Y Led the Pack in October Sales Figures
- Expanded Scout Lineup Unveiled: The Traveler and Terra – Electrified, Extended Range Vehicles with Integrated Front Trunks, Offered in Both SUV and Truck Variants
