As we move into the first quarter of 2023, businesses operating in the UK are facing a range of regulatory updates that could have significant impacts on their operations. To help navigate these changes, David Coolegem, a leading expert in governance, risk, and compliance (GRC), has released his latest GRC Outlook report, providing insights into the key regulatory updates that businesses need to be aware of.
One of the most significant regulatory updates highlighted in the report is the introduction of the UK’s new data protection regime. This follows the country’s departure from the European Union and the end of its membership in the EU’s General Data Protection Regulation (GDPR). The new regime is expected to have a number of key differences from the GDPR, including changes to data transfer rules and the introduction of new requirements for data controllers and processors.
Another important update highlighted in the report is the introduction of new anti-money laundering (AML) regulations. These regulations are designed to strengthen the UK’s AML framework and bring it in line with international standards. Key changes include new requirements for customer due diligence and enhanced monitoring of high-risk transactions.
In addition to these updates, the report also highlights a range of other regulatory changes that businesses need to be aware of. These include updates to employment law, changes to environmental regulations, and updates to financial reporting requirements.
To help businesses stay on top of these changes, Coolegem recommends taking a proactive approach to GRC. This means staying up-to-date with regulatory developments, conducting regular risk assessments, and implementing robust compliance programs.
Overall, the Q1 2023 GRC Outlook report provides a comprehensive overview of the key regulatory updates that businesses operating in the UK need to be aware of. By staying informed and taking a proactive approach to GRC, businesses can ensure that they are well-positioned to navigate these changes and maintain compliance with relevant regulations.
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