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ADAPT’s essential 8 regulatory imperatives for 2024-25
Jun 25, 2024
This ADAPT Tech Trends publishes contemporaneously with an ADAPT Market Trends. The 8 regulatory imperatives for 2024-25 are the major focus in both, and indeed across the set of reports we will publish around this time. While CIOs can gain value when modernising compliance as part of the overall modernisation journey, CDAOs and CISOs may also find relevance in these insights.
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Overview:
This ADAPT Tech Trends publishes contemporaneously with an ADAPT Market Trends. The 8 regulatory imperatives for 2024-25 are the major focus in both, and indeed across the set of reports we will publish around this time. While CIOs can gain value when modernising compliance as part of the overall modernisation journey, CDAOs and CISOs may also find relevance in these insights.
Key Takeaways:
- CIOs list tech modernisation and simplification as their number 1 priority for 2024. They’re doing so to, amongst other things, drive operating effectiveness. Yet they’ve little time or money to spare on modernising compliance.
- Privacy is the number 1 regulatory imperative for Australian organisations coming into the 2024-25 financial year. ADAPT finds significant interlinkages across all 8 of the regulatory imperatives set out in this report.
- Comparing the relative prioritisation for governance and for data puts the CIO’s focus into sharp relief. More’s to be done to gain consensus and drive change.
- The 8 regulatory imperatives group into 3 themes: data, cyber and operational resilience. The context for this regulatory content is Australia’s Six Shields.
- Ineffective process digitisation is contributing to compliance problems. Just 46% of the processes involved in business risk mitigation are digitised effectively. Effectiveness involves streamlining, automating and connecting those flows.
- Maturing the data foundations can support all 8 imperatives. Yet organisations are still the most effective where they shouldn’t be – hoarding data.
- Cyber resilience has, on average, grown at a rate of 5% over the past 12 months. And greater cyber resilience can contribute to better business resilience. Yet we’ve seen the alignment of cyber & business resilience fall at a rate of 8%.
- Enabling compliance is, therefore, not as seamless as it could be. While the effort to comply in general eased at a rate of 47% over the past 2 years, there’s deep concerns with the difficulties in mitigating data and operational risks.
Download these slides and access the ADAPT Market Trends to learn more.