Shaping Regulations to Promote Business Resiliency in the Digital Economy Financial Compliance Regulation

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Shaping Regulations to Promote Business Resiliency in the Digital Economy

As we look toward economic recovery post-pandemic, significant global policy actions may be needed to ensure inclusive and widespread revitalization. What changes will be required to ensure a more resilient business climate in the future?

Recently, experts from the Kroll Institute co-sponsored a discussion with the Center for International Private Enterprise (CIPE) to explore the impact of the pandemic on the digital economy and how global regulations may assist in ensuring future growth.

Ken C. Joseph, head of Kroll’s U.S. Financial Services Compliance and Regulation, and Dr. Efraim Chalamish, Senior Advisor and leader of the firm’s Israel practice, joined the discussion.

Key Takeaways

  • Governments have stepped in to keep money flowing and keep economies operating with few interruptions, and we are starting to see robust recoveries.
  • The digital economy is here to stay, but there is still a lot of work to address the lack of clarity in the digital regulatory landscape, the volatility in certain cryptocurrencies and lingering concerns over fraudulent activity, privacy, and data security.
  • There is still a mood of hostility with cryptocurrencies in the US, evidenced in part by the number and variety of SEC enforcement actions alleging illegal securities offerings involving digital coins and the uncertainty that those events have had on the industry. Nevertheless, cryptocurrency innovation continues, and big banks and other financial institutions have seized the opportunity to invest in the DeFi space, gain efficiencies and address demand by certain consumer segments for access.
  • Strengthening the digital infrastructure (including hardware) and ensuring that foreign investors can invest freely with better IP and data centers protection will continue in foreign markets and secure the future of the digital economy.
  • Sovereign financial institutions and other institutional asset owners should collaborate with governments and international organizations in order to better deploy capital and invest in digital infrastructure and services to accelerate the digital economy. These institutions should improve regulatory frameworks to expedite investment processes and innovative financial structures.
  • Don't forget the 'human element.' As technologies and digital products are created and designed by humans, we have to pay attention to the ability of the machine learning process to become more 'human' and ethical.

Click here to watch the full discussion.

 

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