Is Your Company Ready? 10 Regulatory Compliance Issues to Watch in 2024

Regulatory compliance issues in 2024 are undergoing significant shifts, with new laws and standards being introduced worldwide. In the meantime, the European Union is rolling out stricter data privacy regulations, impacting companies across sectors. Additionally, several countries are tightening anti-corruption laws in response to recent bribery scandals involving multinational corporations. In addition, the EU AI Act came into effect in August of 2024. Staying informed about these regulatory compliance issues is crucial for maintaining compliance and avoiding legal pitfalls.  

What to Keep an Eye on Next 

1. EU AI Act Compliance: Companies must ensure compliance with the EU AI Act, which categorizes AI systems based on risk levels, imposing strict requirements on high-risk applications. This came into effect on August 1, 2024.
2. Global Data Privacy Laws: Stricter data privacy regulations are being enforced worldwide, requiring businesses to enhance their data protection measures and transparency regarding data usage.
3. Anti-Corruption Measures: New anti-corruption laws are being implemented globally, demanding more robust internal controls and transparent reporting practices.
4. Environmental Regulations: Businesses must adapt to evolving environmental regulations, focusing on sustainability and reducing their carbon footprint to comply with international standards.
5. Cybersecurity Requirements: Enhanced cybersecurity regulations are being introduced, requiring organizations to strengthen their defenses against data breaches and cyber threats.
6. Supply Chain Transparency: New rules demand greater transparency in supply chain operations, with businesses needing to track and report on the sourcing and sustainability of their materials.
7. Workplace Safety Standards: Updated workplace safety regulations require companies to implement comprehensive health and safety protocols, particularly in industries with higher risks.
8. Financial Reporting Obligations: Stricter financial reporting and auditing standards are being enforced to enhance transparency and accountability in corporate financial practices.
9. Diversity and Inclusion Policies: Regulations promoting diversity and inclusion in the workplace are being strengthened, requiring companies to implement equitable hiring and promotion practices.
10. Whistleblower Protections: New laws enhance protections for whistleblowers, ensuring they can report unethical behavior without fear of retaliation.

How SAI360 Can Help Your Company Battle Regulatory Compliance Issues 

Leveraging technology and investing in training can help organizations navigate these challenges, ensuring they meet regulatory requirements and uphold ethical standards. 

SAI360’s Governance, Risk, and Compliance (GRC) software offers a unified solution for managing regulatory compliance and mitigating risk across all business facets. With preconfigured modules and advanced analytics, our platform provides comprehensive insights and tailored solutions to help organizations stay ahead of regulatory changes. By integrating compliance training and risk management, SAI360 ensures a secure, compliant, and prosperous future for businesses. 

 Let’s Start a Conversation 

Schedule a virtual coffee with a team member: Click here to demo our GRC solutions.  

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References 

Overby, L. (2024, August 1). EU’s AI Act now in force. Yahoo News.  https://www.yahoo.com/news/eus-ai-act-now-force-113313248.html  

Faegre Drinker. (2024, July). The EU Artificial Intelligence Act comes into force on 1 August 2024. Faegre Drinker. https://www.faegredrinker.com/en/insights/publications/2024/7/the-eu-artificial-intelligence-act-comes-into-force-on-1-august-2024. 

Coggno Blog. (n.d.). Business ethics. Coggno. https://coggno.com/blog/business-ethics/. 

Taylor Wessing. (2024). EU AI Act published and in force on 1 August 2024. Perspectives. https://perspectives.taylorwessing.com/post/102jcut/eu-ai-act-published-and-in-force-on-1-august-2024.  

Preparis. (2024). How to update your business continuity plan 2024. Preparis. https://www.preparis.com/article/how-update-your-business-continuity-plan-2024. 

Rothstein, P. (2024). 2024 business continuity trends. Rothstein. https://www.rothstein.com/2024-business-continuity-trends/. 

Deutsche Welle. (2024). Is climate change behind all extreme weather events? DW. https://www.dw.com/en/is-climate-change-behind-all-extreme-weather-events/a-69107065. 

Regus. (2024). Business continuity: How to navigate an unpredictable 2024. Regus. https://www.regus.com/en-us/hybrid-working/business-continuity-how-to-navigate-an-unpredictable-2024.