Governance, risk, and compliance are made of regulations that are active in different regions of the world. These regulations vary widely by region due to different legal, political, and cultural contexts.
The following video will break down the different governance, risk, and compliance regulations by region:
Governance, Risk Management, and Compliance (GRC) Regulations per Region
- 1. United States
The U.S. has a complex regulatory system with numerous federal, state, and local regulations. Some prominent federal regulations include the Sarbanes-Oxley Act (SOX) for corporate governance, the Health Insurance Portability and Accountability Act (HIPAA) for healthcare data, and the Dodd-Frank Act for financial institutions. The California Consumer Privacy Act (CCPA) is a notable state-level regulation on data privacy.
- 2. European Union
The General Data Protection Regulation (GDPR) is a key regulation that applies to all EU member states, offering strong protections for personal data. The Markets in Financial Instruments Directive (MiFID) II and the Payment Services Directive (PSD2) are important for financial services.
- 3. United Kingdom
Since leaving the EU, the UK continues to apply GDPR-like regulations under the UK Data Protection Act of 2018. The Financial Conduct Authority (FCA) provides governance and compliance regulations for financial institutions.
- 4. Asia-Pacific
Regulations can vary significantly across the region. China's Cybersecurity Law and Personal Information Protection Law (PIPL) govern data privacy and security, while Japan's Personal Information Protection Act (PIPA) protects personal data. Australia has the Australian Prudential Regulation Authority (APRA) standards for financial institutions and the Privacy Act for data protection.
- 5. Middle East
In the UAE, the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM) have their own data protection laws. Saudi Arabia has the Basic Law of Governance, among others, for corporate governance.
- 6. Africa
South Africa's Protection of Personal Information Act (POPIA) is a major regulation governing personal data. Various countries have their own regulations for corporate governance and risk management, often overseen by central banks and financial authorities.
These are just some of the regulations. Many more exist, and businesses operating in multiple jurisdictions often face the challenge of complying with all relevant regulations. It's also important to note that these regulations are continually evolving, so regular updates and monitoring are necessary.