{"id":5192,"date":"2023-11-26T06:50:40","date_gmt":"2023-11-26T11:50:40","guid":{"rendered":"https:\/\/lg-staging.lougcloud.com\/?p=5192"},"modified":"2026-07-13T04:59:05","modified_gmt":"2026-07-13T09:59:05","slug":"here-are-compliance-changes-the-finance-healthcare-and-manufacturing-industries-must-track-in-2024","status":"publish","type":"post","link":"https:\/\/lg-staging.lougcloud.com\/?p=5192","title":{"rendered":"Here are Compliance Changes the Finance, Healthcare and Manufacturing Industries Must Track In 2024"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-85bp3-f856194ef33e7bc72ec0d3bf98278fce\">\n.flex_column.av-85bp3-f856194ef33e7bc72ec0d3bf98278fce{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-85bp3-f856194ef33e7bc72ec0d3bf98278fce av_one_full  avia-builder-el-0  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><p><br \/>\n<section  class='av_textblock_section av-k0pon615-92ea21455f84089b14b66129c69212c2 '  ><div class='avia_textblock' ><h1>Here are Compliance Changes the Finance, Healthcare and Manufacturing Industries Must Track in 2024<\/h1>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-k0pop9td-bbcbe599b29853166e54fa81e9bef78a '  ><div class='avia_textblock' ><p><span class=\"TextRun SCXW162017301 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW162017301 BCX0\">As soon as the last notes of Auld Lang Syne fade and <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">2024 <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">begins, <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">new <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">standards <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">and compliance requirements <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">will <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">greet many. The new year <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">is sure to bring <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">the <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">finance, <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">healthcare<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\"> and manufacturing industries, <\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW162017301 BCX0\">in particular,<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\"> many <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">changes.<\/span> <span class=\"NormalTextRun SCXW162017301 BCX0\">Businesses <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">working within t<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">hose <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">sectors have<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">\u2014hopefully\u2014already been working to <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">anticipate<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\"> and <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">accommodate <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">new <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">corresponding <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">responsibilities<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">. If not, <\/span><span class=\"NormalTextRun SCXW162017301 BCX0\">now\u2019s<\/span><span class=\"NormalTextRun SCXW162017301 BCX0\"> the time to get started.<\/span><\/span><span class=\"EOP SCXW162017301 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Finance<\/h2>\n<p><span data-contrast=\"auto\">Financial companies must track multiple industry changes in 2024, including the need to:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">While this list isn\u2019t 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\u2019 subsequent impact on banking and financial operational requirements and open banking trends encouraging third parties to access customers\u2019 financial information (when authorized) and the subsequent likelihood of new data sharing, security and privacy requirements.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span data-ccp-props=\"{}\">\u00a0Healthcare<\/span><\/h2>\n<p><span data-contrast=\"auto\">Several key technology-related compliance changes are likely to impact healthcare firms in 2024, such as the need to:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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\u2019 health information.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Comply with new medical device safety regulations the US Federal and Drug Administration (FDA) implements. The FDA\u2019s Center for Devices and Radiological Health will likely introduce new rules to improve medical equipment authentication, access control, and network segmentation and protection safeguards.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Accommodate new healthcare data analytics requirements. As big data trends and AI\u2019s 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">While those healthcare initiatives aren\u2019t 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Manufacturing<\/h2>\n<p><span data-contrast=\"auto\">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:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Accommodate new data interoperability requirements. The NIST and other agencies, in efforts to support smart manufacturing and so-called \u201cIndustry 4.0\u201d 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Meet enhanced sustainability disclosure standards. As with other industries, the SEC is expected to require more stringent environmental production data collection and reporting\u2014including for carbon emissions\u2014requirements.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335551671&quot;:0,&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"0\" data-aria-level=\"1\"><span data-contrast=\"auto\">Comply with new automation safety standards. The US\u2019 Occupational Safety and Health Administration (OSHA) is likely to issue new requirements\u2014including production rules, safety regulations and corresponding certifications\u2014governing the use of robots, autonomous vehicles and other automated machines that assist manufacturer operations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">That list of changing industry standards and requirements doesn\u2019t 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Need Help?<\/h2>\n<p><span class=\"TextRun SCXW464439 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW464439 BCX0\">Should your organization <\/span><span class=\"NormalTextRun SCXW464439 BCX0\">have questions or <\/span><span class=\"NormalTextRun SCXW464439 BCX0\">need help tracking and accommodating ever-changing industry standards and initiatives, call Louisville Geek. <\/span><span class=\"NormalTextRun SCXW464439 BCX0\">Our technical professionals can <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW464439 BCX0\">assist<\/span><span class=\"NormalTextRun SCXW464439 BCX0\"> auditing current systems, <\/span><span class=\"NormalTextRun SCXW464439 BCX0\">determining<\/span><span class=\"NormalTextRun SCXW464439 BCX0\"> any existing gaps and proposing and even implementing corresponding fixes.<\/span><\/span><span class=\"EOP SCXW464439 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<\/div><\/section><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":5194,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geek-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2024 Compliance Changes: Finance, Healthcare &amp; Manufacturing<\/title>\n<meta name=\"description\" content=\"New compliance requirements will take effect entering into 2024, hitting the finance, healthcare, and manufacturing industries the hardest.\" \/>\n<meta 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hardest.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"2024 Compliance Changes: Finance, Healthcare & Manufacturing","og_description":"New compliance requirements will take effect entering into 2024, hitting the finance, healthcare, and manufacturing industries the hardest.","og_url":"https:\/\/lg-staging.lougcloud.com\/?p=5192","og_site_name":"Louisville Geek","article_published_time":"2023-11-26T11:50:40+00:00","article_modified_time":"2026-07-13T09:59:05+00:00","og_image":[{"width":2560,"height":1961,"url":"https:\/\/lg-staging.lougcloud.com\/wp-content\/uploads\/2023\/11\/Shutterstock_371706106-1-scaled.jpg","type":"image\/jpeg"}],"author":"LouGeek Marketing","twitter_card":"summary_large_image","twitter_misc":{"Written by":"LouGeek Marketing","Est. reading time":"5 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