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Looking back at the last months
of our work and client feedback, we do

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see several key challenges
our clients are facing.

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The underlying scheme for any

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challenges are the
increasing regulation in all risk

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areas, but also the geopolitical
tensions around the globe.

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Based on that, I see three
clear trends in the broader

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governance, risk, and compliance
community: leveraging GenAI

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and tech to increase efficiency

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and effectiveness of compliance

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and risk management;
simplification of governance,

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compliance, and assurance processes;

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and trade compliance and export control.

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- Starting with the first
trend, leveraging GenAI

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and tech to increase efficiency
and effectiveness of risk

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and compliance management.

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There are several excellent
usages for GenAI in compliance,

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from regulatory radars to
chatbots to usage of GenAI

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and screening processes

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or even in the classification
process of trade compliance.

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We are seeing companies
starting their first lighthouse

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efforts, but not yet
pushing GenAI at scale

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for compliance. In general,

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where there is data and/or

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manual steps, there
are use cases for GenAI

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in risk and compliance.

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- Second, simplification
of governance, compliance,

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and assurance processes is a topic many

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of our clients across
industries are tackling.

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Most corporates have built
stringent central governance

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policy standards, procedures, etc.,

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with limited differentiation

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and risk considerations
of their businesses.

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It's now the time to
rethink if the governance

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and policy framework is
still suitable and effective.

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There's lots of opportunity to simplify

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and enhance effectiveness.

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- Last but not least, trade compliance.

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As geopolitical tensions are increasing,

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trade barriers are going up.

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New executive orders in the
U.S., additional regulation

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in APAC, and so on are on the rise.

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Companies need to step
up their game to ensure

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their trade compliance
management system is adequate.

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Compliance and legal often drive these

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cross-functional efforts.

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Challenges are classification
of goods, tech, software,

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and being up-to-date on
changing restrictions.

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Talent in the market is scarce,

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but it's also a topic where
there's huge potential

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for GenAI usage.

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- There's a lot of exciting work to do

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for the global compliance
and risk community.

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- It's time to embark on this journey now.