Coming, in the not-too-distant future: A world where regulations are automatically incorporated into companies’ policies. This would allow businesses to more quickly and more accurately conform to regulatory changes, let them better deploy their human compliance personnel and give regulators immediate visibility into companies’ compliance efforts.
Embedding regulations into algorithms was proven possible in a recent test, providing momentum to the effort to make regulations machine-executable and to reduce the amount of human oversight needed to interpret and implement rules. The breakthrough heralds a future far different from the one that exists now, where regulators issue rules, companies take months to figure out what they mean, then more months to configure their systems to conform to the new rules.
“One of the reasons why this is momentous…is it stands for this position that regulators can really embrace technology and that law and technology can intersect in ways that they haven’t previously,” said Andrew Burt, chief privacy officer at U.S. technology firm Immuta, which operates a data-management platform used by companies in the finance, government and life sciences sectors.