Steering Safely: The Compliance Imperative in the Robotics and Autonomous Vehicles Revolution

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No matter what business you’re in, there’s a vertical-specific compliance framework designed to manage and mitigate potential risks. Biotech companies have Good Manufacturing Processes while software and AI startups consider Europe’s data protection policies, informally known as GDPR. The path to compliance, though, is a little fuzzier for companies in emerging industries where best practices are still being crafted. Consider the robotics and autonomous vehicle (AV) markets, which are as new as they are in need of compliance guidance and automation.

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Robots aren’t yet in all of our homes, but the industry is nonetheless exploding. Industrial robotics is expected to balloon into a $33 billion industry by 2028, according to MarketsandMarkets. The number of industrial robots alone passed 3 million in 2020 and is poised to continue growing. As exciting as that growth sounds, it carries with it the need for robust compliance measures.

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Risky Robots

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Robotics and AV companies are transforming entire industries but their use invites particular types of operational, cybersecurity, regulatory, and ethical risk. The most common risks include:

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System Failures: Robotics and AV systems are complex and rely on hundreds of components and software working seamlessly together. Failures in these systems can lead to operational downtime and financial losses.

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Hacking and Cyber Attacks: Autonomous vehicles and robotics are increasingly connected to the internet as well as internal networks, making them vulnerable to cyber attacks. These attacks can compromise safety, data integrity, and the functionality of the systems.

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Data Breaches: The data collected and processed by robotics systems, including personal and sensitive information, can be targeted, leading to privacy violations and legal repercussions.

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Evolving Regulations: The regulatory landscape for robotics and AV is continually evolving. The Autonomous Vehicle Deployment Act (also called the SELF DRIVE Act), for example, outlines a regulatory framework for the safe deployment of AVs and provides specific guidance on safety, testing, and data management.

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Global Compliance: Operating across different jurisdictions requires adherence to a myriad of regulations, necessitating a comprehensive compliance strategy.

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Compliance in the Driver’s Seat

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With the above risks in mind, how should robotics and AV companies put their best foot forward?

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In short, teams have the opportunity to partner with experts when it comes to projects like acquiring the right business insurance, automating compliance measures, and demonstrating a robust security posture. At Koop we call these activities Customer Assurance, as they signal your longevity and assure customers of their success with you both in the short and long term.

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Koop’s customer assurance platform helps tech companies seamlessly navigate the complexities of business insurance, regulatory compliance, and security automation in one place.

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We provide the most cost-effective SOC 2 compliance certification on the market coupled with a suite of insurance coverages that includes General Liability, Technology Errors & Omissions, Cyber Liability, and Management Liability.

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Ready to learn more? Visit our website at www.koop.ai or drop us a note at hello@koop.ai.