With the start of a new year comes new expectations from key U.S. regulators, in addition to further progress in already established areas of interest.
If 2021 was a year of transition under the Biden administration, 2022 is looking as if it will be a year of action. The Securities and Exchange Commission (SEC) is expected to focus more decisively on climate-related disclosures, while the Federal Trade Commission could wield new power to put forward federal privacy legislation. Further, the impact of the ongoing pandemic is likely to demand continued attention from federal banking regulators.
Generally, as regulators embrace technology to help them perform their jobs, they expect compliance departments to select and implement new technologies as well. The skill set of compliance and risk professionals keeps widening; it’s not a career in which you say you have a law degree and are ready to run.
Which brings me to my list of key areas I expect to receive enhanced scrutiny in the year ahead. Also included is compliance as a career, as a list assessing the impact of regulatory change on compliance departments without a discussion about how the career itself is evolving would be incomplete.
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