Fourth Industrial Revolution By Professor Klaus Schwab

Fourth Industrial Revolution, better known as Industry 4.0 was first used in 2016 by Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. The Third Industrial Revolution, previously slowly sip into the technology world through electronics, information technology and automated production, which leaves a question mark to the society on how will Industry 4.0 ‘rule the world’. Schwab describes Industry 4.0 as a digital transformation, involving new capabilities for people and machines that impacts every work of life across the world.

While the compliance team is constantly focusing on making sure that a company complies with the laws and regulations in its particular industry to avoid the company being corrupted

As Industry 4.0 ushers into the compliance world, tasks will be completed faster and more efficiently. So often policymakers, a.k.a the compliance officers are finding it hard to keep up with the ever-changing technology world, as policy-making is designed to be deliberative and intentional. The society often does not understand how their personal data is being used, and how their privacy is impacted as a result. A very simple example would be, 99 percent of the people do not take the effort to read the ‘Terms and Conditions’ document, either that they just flip or scroll through in order to just pass that page. This norm doesn’t really matter to the society, but as we enter into Industry 4.0, the ability to use data is increasing exponentially and it definitely has the ability to shape the outcomes in almost every aspect of our lives. With the existence of the Industry 4.0, compliance team will be able to gather data that probably never even existed before, use lesser of manual or hard work in policy-making, and so often they probably do not need that many human brains to solve or do a certain thing. Despite involving so much of digital technologies, the compliance team will however still need a physical human being to be involved in certain things that the technology or even robots can’t provide a solution. The compliance team will then

According to a survey by Pew Research Centre, 65% of the United States citizens expect a robot or an intelligent algorithm to do their work within 50 years. Not every specific occupation will be replaced by the work of machines in general, but it is certain that some individual occupational activities will be performed by machines. In Germany, the government assumes that digitalisation and automatization will create about 390,00 new jobs in the third sector over the next ten years in Germany. However, this will not be the case in the compliance world, as very often compliance officers are needed to draft policies, review contracts etc., daily routines that are considered redundant in the Industry 4.0. Sooner or later, intelligent systems will be built for reviewing contracts and perform a preliminary review of legal