I Believe Compliance Is On The Cusp Of Something Huge……something that will completely change the way that compliance work is done.
How would I know?
Because we’ve seen this before, in just the last few years.
Think back to 2007, before Uber and Airbnb were founded. Doesn’t seem like very long ago, but a lot has changed since then.
These were mature, “boring” industries that appeared to have settled on a way of doing things. If I wanted to drive for a living, I probably worked for a taxi company. I received my hourly rate and my employer made the rest. If I lived in a home or apartment, there wasn’t a whole lot I could do to make money from it. It’s not as if there were a line of people around the block waiting to rent it when I went away. That was what for hotels were for.
We all know how those boring industries have changed since then.
But did we see it coming? What were the common themes that led to the change?
- Existing assets were underutilized
- Individuals wanted more control
- Mobility and technology advances expanded what was possible
Sound familiar? It should…
Under-utilized Assets – Uber, Air BnB and others take advantage of under-utilized assets. You may not think of it this way, but compliance knowledge is incredibly under-utilized. Your ability to evaluate regs and create compliance programs is valuable to any organization needing to comply. The question is how do you take that capability and scale it across those organizations.
Control and Independence – People today want more control over their professional aspirations. Often this desire is attributed to millennials, but more and more people of all ages expect to be able to work where and when they want — and be able to build a successful career while doing so.
Technology – Advances in technology are either in place or are being developed which are facilitating this change. IBM’s Watson (artificial intelligence software) is able to dispense legal advice within seconds with 90 percent accuracy. This is trouble for lawyers, particularly young ones entering the job market, because humans are only accurate 70 percent of the time. Technology systems for compliance are evolving.
This phenomenon of disruption is going to grow, and it’s going to change the supply and demand dynamics of many things — including compliance.