By Paul Wenham, Cofounder and Co-CEO
The changing landscape of compliance frameworks
It’s no secret that the compliance landscape is constantly evolving, with frameworks following a similar suit. What we once knew about frameworks like SOC 2 has changed, along with the instruction of new frameworks like ISO 42001.
This article delves into the shifting dynamics of compliance frameworks, explore the challenges posed by industry standards, and look at the future of the industry beyond just achieving compliance.
The current industry standards landscape
Industry standards have long provided a benchmark for businesses to adhere to and a market for companies looking to take on new vendors. However, with the rise of an ultra-competitive market, we’ve seen a rise in a race to the bottom. Companies are at risk of undermining decades of hard-won trust by offering a binary outcome without clear differentiation of quality.
The path forward
Amidst the industry challenges, we are seeing an increased focus on controls. This places a heightened emphasis on controls rather than framework audits. We are also already seeing a shift in compliance frameworks, from a one-size-fits-all approach to a shift towards quality-focused controls. Enterprise clients now recognise that binary outcomes fail to capture the nuances of quality, and therefore demand more direct oversight and validation of the controls that matter most to their specific risks.
Navigating the transformation
By embracing a focus on controls and fostering direct oversight, we have the potential to usher in an era where the quality of compliance is no longer masked by the opacity of industry standards. In doing so, we can reinvigorate the foundations of trust and compliance.
- Unlocking trust through compliance metadata
- The future of trust: how compliance paves the path forward
- The cycle of trust: from public concerns to industry adoption
- Navigating the three-sided path to trust and compliance
- Bridging the gap: unifying compliance language across the trust triangle
- Collaboration vs competition in an ever-changing compliance landscape
- The power of using compliance metadata
- The evolution of compliance frameworks
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