Our digital footprint has expanded, in part because of the mobilisation of people to work at home during the pandemic. As a result, UK regulators are starting to wise up to the digital world and taking steps to protect consumers, both online and offline.
Ofcom, for example, has recently been tasked with overseeing the implementation of new online safety rules and laws aimed at making online users safer, while preserving freedom of expression. The Online Safety Bill will introduce rules for sites and apps, as well as other services that people use to share content online.
Coupled with the creation of the Digital Regulation Cooperation Forum, the UK has set out a clear intention of better regulating online spaces and the digital world.
And, while regulation and legislation targeting online safety and minimising the risk of harm to users may seem like something that specifically targets tech companies, we will all feel the effects of regulatory scrutiny.
It is evident that regulators are aware of the value in working together to deliver a unified approach to meeting the challenges of our increasingly digitised world – but are businesses ready to meet their standards?
The reality is that the failings of a firm are now much more likely to be investigated and punished by regulators, with the aim of holding responsible parties accountable, especially after the 2008 global financial crash.
Scrutiny is now ever present, and many regulators have gained or requested increased powers to reign in bad actors and minimise risk to individuals in different markets. For example, as discussed above, Ofcom has gained new powers to regulate online safety, while the FCA will soon bring the new Consumer Duty into effect, and is currently working on how they will be regulating buy-now-pay-later products.
If you partake in the process of horizon scanning at all, you will undoubtedly have watched big household names having fines levied against them and their leadership prosecuted or fined. In the realm of financial crime, we are seeing this with the introduction of stricter and all-encompassing laws like the French Sapin II law for anti-bribery and corruption. From July 2023, an Economic Crime levy will have to be paid by firms regulated for AML purposes. Regulators are becoming more stringent and aggressive in the way they regulate and are using research and data to inform their strategies for how to shape the regulatory environment.
This means that, more than ever before, firms need to be aware of risk when setting out their strategies. In an increasingly connected world, decision-making can be complex and requires a level of unprecedented expertise, especially when new and changing regulations are at play.
How we can help with tailored data analytics solutions
Having a partner that understands technology and how the regulatory environment can shape the digital evolution of your business can make a significant difference when it comes to being at the forefront of a safer, more inclusive, and more secure digital landscape.
Our ability to anticipate changes based on historical data combined with our continuous improvement led processes will give you confidence you’re working with a partner who has your back.
We want to support you in ensuring you can meet your regulatory requirements and contribute to a healthy conversation with the regulatory environment. We achieve this with three values:
This enables us to harness our people’s amazing talents, skills, and general creativity to devise innovative solutions that can propel businesses into the future. We use our creativity to make things simple and lead the change we want to see.
We commit to many things – to add value, to be a responsible partner, to support our people and our communities. But most importantly, we commit ourselves every day to be better than yesterday. We want to make an impact for good.
Finally, we are all about connection. If we weren’t, we’d be in the wrong business. This value truly represents our approach to our relationships. We want to grow together with our partners, our people, our communities, and we want to share experiences with all!
These values are translated into the way we work with data and Management Information (MI). We have heard over the years from regulators the vital role that MI plays when it comes to continuous improvement and meeting strategic and regulatory standards. We have also learned that an off-the shelf tool may not offer the insights required by firms these days.
If you are not convinced about the benefits of tailored data solutions and MI, then let us ask you a question: if regulatory bodies in different industries are using advanced data solutions, why aren’t you?