The concept of organizational trust is maturing. As trust becomes more clearly defined, more business leaders see its value as a tangible reality rather than a theoretical idea. Stakeholders from all areas of your company will need to work together to build the teams, procedures, and solutions needed to address the most critical issues that businesses face today.
In the last year, fresh obstacles have surfaced that will impact how trust is won or lost in the long term. 12 months ago, ChatGPT had only just been publicly launched but now Artificial Intelligence has become one of the hottest topics for business leaders globally. The need for first-party data to act as the foundation for your data operations has also seen a significant shift in the way businesses approach data collection. The shift toward continuous monitoring of trust, rather than evaluating it at a single point in time, is rapidly becoming a crucial process for businesses to reduce third-party risk.
Developed by in-house experts at OneTrust, this year’s Trending Toward Trust report contains indispensable insight into some of the trends your organization is likely to see over the next 12 months and how you can approach them. Here’s a taste of this year’s report.
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AI became a reality in 2023 – The future of artificial intelligence will be centered around regulation and responsible use
When you look at the last 12 months to assess the next, you cannot see past the mind-blowing impact and influence that the rapid adoption of artificial intelligence had on businesses. While its potential for innovation is unquestionable, the next year will be defining in how to govern, regulate, and responsibly use AI in a fast-paced and ever-changing landscape.
“AI presents obstacles for a range of stakeholders and requires input from privacy, security, ethics, and ESG teams. Therefore, adopting a cross-functional approach from the outset may be a more effective option, leaving only the question of who leads this group. There is a strong argument to be made for the Chief Privacy Officer (CPO) taking on this responsibility – with experience showing that CPOs, more so than other similar roles, have led cross-functional compliance teams.” – Linda Thielova, DPO and Head of Privacy Centre of Excellence, OneTrust
To meet this goal, businesses will need to look at team structure and ownership to clearly establish stakeholders that will have control over decision-making, budgets, and more. Organizations will also need to define their approach to following industry frameworks while on the lookout for the requirements of significant legislation expected to pass early in 2024.
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Businesses who have defined trust now turn attention to who owns it and how to measure it
In last year’s Trending Toward Trust report, we established that bold concepts such as Trust by Design would be key to organizations throughout 2023. When we look ahead to 2024, these ideas will take less of a leading role in your organization’s trust initiatives. Backed by data presented in our recent The State of Trust report, bigger priorities are emerging for businesses on their journey toward trust.
Many organizations have a clear definition of what trust means to them, and the majority even foresee having formal processes in place within the next two years. But even more key to the maturity of trust is the notion that businesses are now looking toward defining objectives and outcomes in order to measure trust. And this will take input from more business functions than ever before.
“The idea of greater revenues and the power to differentiate yourself from your competition is likely to be high on the list of any organization. Yet, when approaching these outcomes through the lens of trust, there are organizational challenges to address. Determining how to measure trust, getting buy-in from senior leadership, securing dedicated budgets, or defining program ownership are all areas that businesses are currently trying to tackle.” - Andrew Clearwater, Chief Trust Architect, OneTrust.
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Trending toward trust in 2024: Measurement, management, and maturity
Trending Toward Trust in 2024: Measurement, management, and maturity is the latest report from OneTrust collating the views and opinions of in-house experts and industry leaders. The predictions made in this report are built upon the OneTrust mission to unlock every company’s potential to thrive by doing what’s good for people and the planet.
As society redefines risk and opportunity, OneTrust empowers tomorrow’s leaders to succeed through trust and impact with the market-defining Trust Intelligence Platform. The OneTrust Trust Intelligence Platform connects privacy, GRC, ethics, and ESG teams as well as their data and processes to help enable seamless collaboration, putting trust at the center of their operations and culture.
Download the report today to learn more about the trends that will shape trust in 2024 or request a demo to see the OneTrust Trust Intelligence Platform in action.
