The business landscape is undergoing massive and rapid change as a result of technology, competition, regulation, and globalization
FREMONT CA: Business leaders have always dealt with uncertainty and change. However, today's global supply chains and communication channels are more interconnected than they have ever been. Geopolitics, cross-border relations, and competitive dynamics are more complicated. And technological disruption is propelling change at lightning speed.
Business leaders have always dealt with uncertainty and change. However, today's global supply chains and communication channels are more interconnected than they have ever been. Geopolitics, cross-border relations, and competitive dynamics are more complicated. And technological disruption is propelling change at lightning speed.
In response to a changing world, governments are tightening regulations. China's cybersecurity, data protection, and privacy laws, which took effect in September 2021, may have attracted the most attention and caused a nuisance for chief information security officers. Nevertheless, Singapore's Cybersecurity Act, which has been in effect since 2018, and proposed updates to Australia's critical infrastructure security laws impose additional obligations.
Compliance is the most stressful part of their job, according to 49 percent of Asia-Pacific CISO leaders polled for the EY Global Information Security Survey 2021. Around 57 percent believe that compliance will become more time-consuming and, in some cases, chaotic in the coming years. More than 80 percent of Asia-Pacific employers accepted that approaching new safety protocols to support returning to work will necessitate moderate to extensive change.
There is also compliance regarding the environment, social, and governance (ESG). Everything from climate change to modern slavery to social value is reflected in three small catches changing the way businesses operate. The boards and business leaders come together to create operational resilience and rebalance the risk and reward scales by hiring more people. Although, when the regulatory burden continues to grow at an exponential rate, this is not a sustainable strategy. The smart solution is bringing in skills and leveraging technology to ensure processes are compliant.
Leaders ahead of the trend are indeed working to implement next-generation technology to help them protect their stakeholders' safety, security, and privacy – and, ultimately, their businesses. Because the penalties for non-compliance can be severe. Organizations face hefty fines, criminal prosecution, and, in the case of serious non-compliance, business closure.
Asia-Pacific boards are concerned about a wider range of risk categories than their global counterparts, but they see risk management as less important. At the same time, 82 percent of boards in EMEIA and 87 percent of the Americas believe that improving risk management is critical to protecting and growing value over the next five years, only 66 percent of boards in Asia-Pacific agree.
At first, glimpse, managing a complex ecosystem of cross-border regulation and compliance may appear time-consuming and stressful. Nonetheless, with the right talent and technology, it can assist business leaders in identifying long-term value transformation opportunities, allowing them to stay ahead of the competition
