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Volume 30, Issue 1

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Wednesday, 04 January 2017 00:00

3 Reality Checks for Compliance and Risk Management in 2017

As the transition to a new Presidential administration unfolds, uncertainty abounds. Predictions made about the regulatory landscape made before November may not ring as true, as Republicans look to make good on promises about smaller government and regulatory reform, particularly in banking and finance. Likewise, the potential repeal of the Affordable Care Act and significant changes to Medicare will make waves in health care regulation. In times characterized by dramatic change and unpredictability, it’s important to refocus on what you know, what you can control and how you can create a more resilient business.

It’s important not to lose perspective: while many federal agencies (and their mandates) will be reshaped by new leadership or directed to change their priorities, state and industry regulations may not shift – or may react in opposition. Enterprise risk profiles and existing threat conditions may not be markedly affected by changes at the federal level. Organized cybercrime syndicates, for example, probably don’t care much about who’s in the White House.

Organizations that have been working to strengthen their cybersecurity stance, manage risk and protect customer data and privacy have no reason to pull back on those efforts; in fact, they should work to optimize their governance, risk and compliance programs as organized defense against threats to their goals and trusted status.