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Top Business Compliance Trends Going into 2024

— November 17, 2023

9% of business report the need to adapt compliance to global data protection and privacy laws.

In the business world, compliance regulations are an ever-present concern for companies of all sizes. With regulations constantly changing and evolving, it can be challenging to stay up-to-date and ensure that your business is in compliance. The importance of staying on top of compliance regulations cannot be overstated, as non-compliance can result in hefty fines, legal issues, and damage to your company’s reputation. 

As we move into 2024, businesses need to be proactive in staying on top of compliance regulations to avoid any unwanted consequences. In this blog post, we will discuss some practical tips and strategies that businesses can use to stay on top of compliance regulations in 2024. Whether you’re a small business owner or a large corporation, these tips will help you ensure that your business stays compliant with the latest regulations.

Many Organizations Think Compliance Is a Burden

Many organizations view compliance as a burden rather than an opportunity. However, compliance regulations exist to protect consumers and ensure fair business practices. By embracing compliance, businesses can build customer trust and improve their reputation. 

Compliance can also help companies identify inefficiencies and streamline their operations, ultimately improving their bottom line. Instead of viewing compliance as a burden, organizations should see it as an opportunity to improve their business practices and build a stronger relationship with their customers.

Continuous Compliance Reports Are Speeding Up the Sales Cycle

Continuous compliance reports streamline the sales cycle by providing real-time updates on compliance issues. This helps businesses stay on top of regulatory changes and avoid costly fines while improving their reputation. By leveraging technology and automation, companies can generate these reports more efficiently, freeing up time and resources to focus on other areas of the business. 

Compliance reports also provide valuable insights into the sales cycle, helping businesses improve efficiency and reduce costs. Overall, continuous compliance reports help businesses stay compliant and competitive in a changing regulatory landscape.

Businesses Are Improving Customer Perception by Meeting Compliance Standards 

Businesses that meet compliance standards are improving their customer perception and building trust with their clients. Compliance regulations exist to ensure fair business practices and protect consumers, which is why customers expect businesses to meet these standards. By complying with regulations, businesses can demonstrate their commitment to ethical practices, which can improve their reputation and customer loyalty. 

Moreover, compliance can also help companies identify areas for improvement and streamline their operations, which can lead to better customer experiences. Overall, businesses that meet compliance standards can improve their customer perception and build a competitive advantage in their industry.

Compliance Staff Believe AI and Machine Learning Will Cut Compliance Costs

Compliance staff believe that artificial intelligence (AI) and machine learning can help reduce compliance costs. By automating compliance processes, companies can reduce the time and resources required to maintain compliance. AI and machine learning can analyze large amounts of data and identify potential compliance risks, allowing companies to take proactive measures to address these issues. Additionally, automation can help companies improve efficiency and reduce the risk of human error, which can lead to costly fines and legal issues. As AI and machine learning technologies continue to evolve, compliance staff believe that these tools will play an increasingly important role in reducing compliance costs and improving the effectiveness of compliance programs. 

As we move into 2024 and beyond, businesses need to stay proactive and adapt to the ever-changing regulatory landscape to remain compliant and competitive. So, stay ahead of the curve with these 85 compliance statistics.

Compliance statistics infographic courtesy of Drata.
Compliance statistics infographic courtesy of Drata.

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