Here are Compliance Changes the Finance, Healthcare and Manufacturing Industries Must Track in 2024

As soon as the last notes of Auld Lang Syne fade and 2024 begins, new standards and compliance requirements will greet many. The new year is sure to bring the finance, healthcare and manufacturing industries, in particular, many changes. Businesses working within those sectors have—hopefully—already been working to anticipate and accommodate new corresponding responsibilities. If not, now’s the time to get started. 

Finance

Financial companies must track multiple industry changes in 2024, including the need to: 

• Ensure systems accommodate ISO 20022 cross-border payment and international wire transfer adjustments being implemented to help standardize and modernize global payments. SWIFT, the international payments messaging network, is helping coordinate the changes. 
• Update and convert contracts, finance models and financial systems using LIBOR (London Inter-Bank Offered Rate) benchmarks to use alternative reference rates. The updates are necessary due to LIBOR interest rates being phased out in a process managed by such regulators as the US Federal Reserve. 
• Prepare for increased oversight and regulation of cryptocurrencies. The US Securities and Exchange Commission (SEC) is likely to introduce new rules for managing, trading and lending digital assets. 
• Produce more comprehensive environmental, social and corporate governance (ESG) disclosures. The SEC requires financial systems to do so but new international requirements are expected to broaden corresponding data collection and reporting processes. 

While this list isn’t exhaustive, these topics are among the initiatives financial sector organizations should be aware of and accommodating in 2024. Other elements sure to impact financial firms include the increasing use of artificial intelligence (AI) and machine learning (ML) technologies and potential corresponding regulations, the continued evolution of cybersecurity threats and threats’ subsequent impact on banking and financial operational requirements and open banking trends encouraging third parties to access customers’ financial information (when authorized) and the subsequent likelihood of new data sharing, security and privacy requirements. 

 Healthcare

Several key technology-related compliance changes are likely to impact healthcare firms in 2024, such as the need to: 

• Accommodate Health Insurance Portability and Accountability Act (HIPAA) rule changes making it easier for patients to access their health records, among other updates. The US Department of Health and Human Services (HHS), which oversees HIPAA privacy and security requirements, is also likely to restrict data sharing rules and introduce more stringent cybersecurity standards to better protect patients’ health information. 
• Comply with new medical device safety regulations the US Federal and Drug Administration (FDA) implements. The FDA’s Center for Devices and Radiological Health will likely introduce new rules to improve medical equipment authentication, access control, and network segmentation and protection safeguards. 
• Incorporate new data privacy, cybersecurity and reimbursement provisions to support the expansion of telehealth services. The FDA, HHS and others are all involved in driving the growth of remote healthcare services, an effort that will subsequently require corresponding systems to adapt and enable. 
• Accommodate new healthcare data analytics requirements. As big data trends and AI’s responsibilities grow in importance, the FDA, HHS and other government agencies are expected to confirm new compliance rules requiring healthcare data fairness and transparency in addition to new regulations dictating how corresponding clinical validation algorithms operate. 

While those healthcare initiatives aren’t the only standards expected to change within the industry, they are all important considerations providers should be addressing. Other healthcare industry concerns in 2024 are likely to include the demands associated with managing cloud-based systems and the need to secure mobile and wearable devices collecting sensitive health information properly. 

Manufacturing

Just as with other industries often considered more data-dependent, so are manufacturers likely to be affected by changing industry standards and requirements in 2024, including the need to: 

• Comply with new cybersecurity standards regarding myriad industrial sensors and other Internet-connected devices. Known as Internet of Things (IoT) technologies, the National Institute of Standards (NIST), International Society of Automation (ISA) and others are all evolving safeguards designed to better secure and safeguard industrial, automation and manufacturing controls. 
• Accommodate new data interoperability requirements. The NIST and other agencies, in efforts to support smart manufacturing and so-called “Industry 4.0” initiatives, are likely to implement new data exchange, portability and interoperability requirements between systems, machines, devices and other partners working within the manufacturing, logistics and supply chain sectors. 
• Implement new AI and ML standards. The US Federal Trade Commission (FTC) is among the agencies expected to issue new mandates requiring manufacturers comply with new AI and ML transparency, ethical and even safety regulations. 
• Meet enhanced sustainability disclosure standards. As with other industries, the SEC is expected to require more stringent environmental production data collection and reporting—including for carbon emissions—requirements. 
• Comply with new automation safety standards. The US’ Occupational Safety and Health Administration (OSHA) is likely to issue new requirements—including production rules, safety regulations and corresponding certifications—governing the use of robots, autonomous vehicles and other automated machines that assist manufacturer operations. 

That list of changing industry standards and requirements doesn’t cover every initiative manufacturers should be tracking, but the list does confirm the direction in which multiple government agencies are moving to better protect manufacturers and their workers and improve data collection and reporting. Other manufacturing industry concerns in 2024 are sure to include the need to bolster cybersecurity protections and audit processes. 

Need Help?

Should your organization have questions or need help tracking and accommodating ever-changing industry standards and initiatives, call Louisville Geek. Our technical professionals can assist auditing current systems, determining any existing gaps and proposing and even implementing corresponding fixes.