Staying abreast of regulations has always been a challenge for companies. Most have a legal function and a compliance function, which are tasked with tracking key areas like data privacy or antitrust, that may be particularly relevant to the industries they’re in. But they may not have a centralized, dedicated regulatory shop. Historically, we’ve seen a shortage of staffing in that area—and that might be difficult for many organizations to change in the current business environment. As a result, companies may lack a broad view of the regulatory landscape. The intelligent use of automation can help increase visibility across silos, helping companies do more without necessarily adding headcount.

Risk is multifaceted. Regulatory risk is a challenge for many organizations, especially multinationals, but when you layer on additional elements like cyber risk, financial risk, and so on, it grows exponentially. Leaders need a broad view of risk across the entire enterprise. Disparate systems designed to manage one element of risk make that much more difficult to achieve.  When we speak with chief information security officers or chief risk officers, we hear their desire to get all these platforms working together.