1. Data security is top of mind for businesses.
With an increased reliance on technology worldwide, the high potential for data breaches has prompted stricter governance standards across industries. Notable breaches in telecommunications and healthcare in 2024 impacted millions of U.S. consumers and prompted widespread operational outages.Disclosure 1 Businesses that collect sensitive information as part of their operations should consider how to incorporate rigorous data security measures, as well as regularly audit their third-party vendors, to stay compliant and protect customers.
2. Regulatory compliance is becoming borderless.
In today’s connected world, it’s easy for organizations to operate in multiple jurisdictions, and doing so often means adopting new practices. As companies increasingly do business beyond the borders of their home state or country, they must be aware of and adhere to various regulations. In instances where no overarching federal regulation is currently in place, individual states are creating their own sets of regulations. These regulations can vary significantly depending on the industry, location, and types of data involved. It’s essential for businesses to closely monitor regulations that apply to states in which they operate.
3. AI is changing compliance processes.
Like many other industries, artificial intelligence has revolutionized compliance monitoring, offering real-time risk detection insights and alerts. Companies that adopt AI as part of their regulatory compliance strategy can analyze large volumes of regulatory text automatically, identify changes, and assess their potential impact on operations, all while reducing manual oversight and associated costs.
Companies that treat compliance as a strategic imperative have the potential to stand out in the marketplace. Whether you’re just starting out or preparing for growth, your Truist relationship manager can help your organization plan financially around regulatory changes in your industry—so you can leverage them for success.