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10 Trends to Look Out For in 2024

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The future of Compliance Management will bring transformed practices and shifts towards new areas of focus. Looking ahead and incorporating them into your strategy will help you guarantee your organization meets its regulatory requirements and avoids harmful consequences.

We already explored the upcoming ITAM trends , and now it’s time to zoom in a little further into regulation frameworks and security practices with these the top ten 2024 compliance trends.

To break them down, we divided the trends into three groups –  IT compliance, software compliance, and Risk Management. This will help you follow along and incorporate them into your future planning.

Let’s begin.

 

 

Table of contents

  1. The impact of artificial intelligence (AI) on compliance
  2. Data protection enhancements
  3. Greater cybersecurity focus
  4. Sustainability
  5. Software-as-a-Service (SaaS) application compliance
  6. Cloud compliance
  7. Open source compliance
  8. Regulatory Change Management
  9. Operational resilience
  10. Third-party Risk Management

10 trends that will define the future of compliance in 2024

Compliance is no different from any other aspect of business operations; internal and external factors continue to drive change. Whether this is improvement-based or to meet evolving market needs, your IT organization’s IT compliance practices – including software and risk compliance – will need to adapt to better meet the business demands and expectations for 2024 and beyond.

To help you with this, these ten compliance trends provide valuable insights into what is coming for the practice the upcoming year.

Let’s take a look.

IT compliance trend #1 – The impact of AI on compliance

It’s no news that Artificial Intelligence (AI) is impacting and transforming the ways in which businesses operate, and compliance is not exempt from this.

AI- enabled technologies will radically alter compliance processes, reducing the time and effort required for data gathering and analysis. Analyzing large data sets allows you to identify compliance patterns, issues, and improvement opportunities, including predictive analytics that foresees potential compliance challenges and takes preventative measures.

 

 


Tools, including AI, have matured to enable organizations to become more serious about securing the enterprise through automation, which is critical to the ability to scale IT compliance. There are several ways this will happen.

Increased ability to track and monitor health, patches, and vulnerabilities at the device level, combined with AI, can help organizations manage every device that attaches to their network (down to the mobile device level).

Monitoring, combined with AI, can become more intelligent to automate the detection of data access that’s not in compliance with set policies and prevent it.

Phyllis Drucker
Service Management Thought Leader at EZ2BGR8

 

However, enhanced operations are only one side of the coin. The other is ensuring that AI is used ethically and fairly. For example, algorithms should be made transparent and accountable. There will likely be regulations that guide the ethical use of the technology, necessitating compliance audits of AI algorithms for fairness, ethics, and bias.

IT compliance trend #2 – Data protection enhancements

Due to the rising focus on data privacy and the prevalence of data breaches, data protection measures will be prioritized in compliance procedures.

Organizations must implement stringent authentication and authorization procedures to address this. Also, compliance frameworks need to evolve to accommodate new data privacy requirements, including where countries and regions introduce or tighten their data protection regulations.

Bringing from the previous trend, Doug Rabold highlighted how AI can bring both benefits and challenges regarding data protection. He warned about possible mayor data breaches during next year as “many of the data safeguards in place with the human handling of data may not yet be in place to safeguard data from Generative AI.” Allowing information to be pulled in by this technology and put into a general data repository “could expose it to other data consumers outside the organization to which that data has been entrusted.” 

On the other hand, however, he said that “despite the potential for data security breaches, an ironic reality is that Generative AI may enable improved compliance in the future” helping to “alert to non-compliant scenarios – both potential ones and those already realized.”

IT compliance trend #3 – Greater cybersecurity focus

Also in terms of IT security, another aspect to keep in mind is that the introduction of stricter laws in this area will require organizations to improve their cybersecurity practices, particularly focusing on end-point and cloud security. This extends to Cyber Risk Management, with organizations adopting advanced threat detection to call out cyber attacks and response systems.

Principal ITSM Consultant at i3Works Ltd, Vawns Murphy, recommended in this regard the implementation of multi-factor authentication (MFA) across organizations, allowing access to applications using a time-based one-time password. He pointed out that “having MFA in place adds an extra layer of security to your organization, helping IT departments to achieve zero-trust security remotely.” 

IT compliance trend #4 – Sustainability 

The last IT compliance trend has to do with the fact that organizations need to support and enable corporate sustainability programs. Depending on the region, this might include complying with regulations that make IT operations more sustainable and environment-friendly. This could mean climate risk compliance, with companies required to disclose environmental risk assessments as part of their compliance activities.

Of course, this isn’t exclusive to compliance. Sustainability is a trending topic in current times and was also incorporated into the ITAM and IT Service Management trends for 2024. To help with this, Antonina Douannes came onto our podcast, Ticket Volume, and shared some ideas on how to incorporate sustainable IT principles into business operations

Software compliance trend #5 – SaaS application compliance

When it comes to software compliance, the first trend looks at the future of SaaS applications. It’s important to note that they will most likely face stricter regulations regarding data governance and user privacy. For example, compliance with cross-border data transfer regulations will be more important for SaaS providers and consumers.

To address this, it’s important to bring these requirements into your strategy. Vawns Murphy advised to make your SaaS stack available in your service catalog, so “everyone knows the approved SaaS services and how to access them” to help “IT colleagues know what is and isn’t supported.” and “reduce the risk of shadow IT.”

 

 


“One of the SaaS trends to watch in 2024 is the emergence of indirect usage licensing. One of the leading ERPs introduced this model just before the pandemic, much to the (usually unpleasant) surprise of many of its customers. Indirect licensing, in essence, stipulates that simply housing data in the data pool requires an end-user license – even though that data was ported in from another application.

Now that we have emerged from the pandemic, I expect more SaaS application providers to seek creative ways like this to further monetize their business. Meanwhile, it is incumbent on our Software Asset Management teams to fully comprehend and begin tracking not just direct users of software and applications but also those who are indirectly using it – and to include this in risk management discussions related to IT spending.

Doug Rabold
CXO/Founder at Bold Ray Consulting

 

Software compliance trend #6 – Cloud compliance

This point was briefly touched upon, and it has to do with the fact that cloud technologies continue to evolve. What this means is that there will be more extensive regulations to govern their use, and customers will expect more. 

For this it’s important to leverage capabilities that can help you incorporate the new requirements into your compliance strategy to make sure they are addressed.

 

 


“Cloud and SaaS delivery models are so commonplace in the 2020’s and beyond that it is absolutely essential to integrate and couple these systems with your management systems. The ability to treat cloud infrastructure as a different type of configuration item is no longer a luxury we can afford. Teams have likely already landed on a preferred vendor, platform or ecosystem so this shouldn’t be too difficult, but uncontrolled multi-vendor teams will need to integrate broadly or start the long arduous work of unifying on one select vendor in order to maximize value and return on investment.

Matt Beran
Senior Product Specialist at InvGate

 

Software compliance trend #7 – Open source compliance

Finally, this trend looks at the increased use of open-source components in software development, an aspect that will continue to grow in the upcoming future. In this sense, it’s important that your license compliance practice ensures that open-source components are used according to their licensing terms to avoid unwanted consequences.

 

 


“Log4j and Apache exploits have taught most of the app dev community that the supply chain and embedding of open source software and libraries is not, by default, the most secure way to build services and products. The added complexity of embedding these tempting solutions into custom software creates a dependency that requires constraint tracking and discovery in order to respond appropriately to zero-day exploits and other vulnerabilities as they are discovered. Protecting the complete surface of your products and services becomes the new challenge and goal of great configuration management functions.

Matt Beran
Senior Product Specialist at InvGate

 

 

Risk compliance trend #8 – Regulatory Change Management

The first important element to consider when it comes to managing risk in upcoming times is that organizations might need to create a scenario to quickly adapt to the changing global regulatory landscapes, particularly those in finance and technology industry verticals. 

Consequently, some organizations will need to incorporate capabilities to create more robust Change Management systems, in order to manage regulatory changes as they become more prevalent.

 

 


“Generative AI has the potential to enable improved compliance to future regulatory changes. Drawing upon regulatory data sources would enable a Generative AI solution to update all relevant knowledge artifacts and support documentation virtually instantaneously. Thus, Generative AI has the promise of mitigating regulatory risk by dramatically improving visibility to changes in the regulations as they take effect.

Doug Rabold
CXO/Founder at Bold Ray Consulting

 

Risk compliance trend #9 – Operational resilience

When it comes to risk, an element to take a look at is the increased focus on developing business continuity plans to ensure operational resilience during possible crises, such as cyber attacks. In this sense, more regulations will likely focus on managing and mitigating operational risks in some industry verticals.

 

 


“All disaster and continuity plans and designs should include cyberattacks. Organizations should consider the ability to recover after an attack that renders their computing environment unstable. They must assess business-critical and secondary systems risk, building resiliency or restoration capability as needed. They need to move beyond evaluating the benefit of paying the ransom when an attack occurs to the resiliency to be operational in 4-24 hours, just as if their data center was destroyed.

Phyllis Drucker
Service Management Thought Leader at EZ2BGR8

 

Risk compliance trend #10 – Third-party Risk Management

Finally, as more of an organization’s operations rely on third parties, there will be a need to assess, incorporate, and manage the risks associated with third-party vendors and suppliers

This means expanding your Risk Management strategy, for example, by ensuring that supply chains are resilient against various risks, including environmental and geopolitical.

Key takeaways

As you’ve seen, there’s much for organizations to put their eyes on across IT, software, and risk compliance. It’s important to note that not everything can or should be addressed at once. When it comes to setting out a compliance plan, you should prioritize and adapt to the requirements and priorities of your organization or industry.

For this, the 2024 compliance trends that were outlined here can help you see where the practice is heading towards and some possible transformations that might lay ahead. Some aspects to look out for include the impact of AI, an extra focus on cybersecurity and data protection, and the inclusion of third-party Risk Management, and regulatory Change Management.