Regulatory Demand Index

The structural view

Phrase frequency across 10-K, 10-Q and 8-K filings over the last ninety days, against the same window a year earlier. Year on year rather than quarter on quarter because filing volume is seasonal: annual reports cluster in the first quarter, so a quarterly comparison shows every theme collapsing afterwards regardless of what is happening. Blue is rising, red is cooling.

Obligation	Direction	Change	Filings now	A year ago	Filers
AI governance		x4.41	75	17	16 named
algorithmic bias		x3.33	10	3	10 named
operational resilience		x1.88	111	59	16 named
data governance		x1.74	101	58	16 named
artificial intelligence risk		x1.67	5	3	4 named
whistleblower program		x1.48	40	27	16 named
privacy compliance		x1.46	115	79	12 named
supply chain due diligence		x1.4	7	5	7 named
data residency		x1.33	44	33	16 named
internal control over financial reporting material weakness		x1.29	9	7	9 named
identity and access management		x1.28	32	25	13 named
model validation		x1.28	23	18	16 named
third party risk management		x1.24	83	67	16 named
SOC 2		x1.19	76	64	6 named
business continuity		x1.12	642	573	16 named
regulatory reporting		x1.1	204	185	16 named
audit committee oversight		x1.09	36	33	16 named
ransomware		x1.06	879	826	13 named
vendor risk management		x1.0	19	19	16 named
cybersecurity incident disclosure		x1.0	2	2	2 named
cross border data transfer		x0.99	133	134	16 named
records retention		x0.83	20	24	16 named
climate related disclosure		x0.81	29	36	16 named
ESG reporting		x0.63	19	30	16 named

Who disclosed it

A sample of the companies whose filings carried the fastest rising phrases. Every name is taken from the filing metadata, and every obligation links through to the filings themselves.

Obligation	Some of the filers
AI governance	Fusemachines Inc. (FUSE, FUSEW), ServiceNow, Inc. (NOW), Rubrik, Inc. (RBRK), SharonAI Holdings Inc. (SHAZ, SHAZW), AXIS CAPITAL HOLDINGS LTD (AXS, AXS-PE)
algorithmic bias	Catalyst Crew Technologies Corp. (CCTC), TUCSON ELECTRIC POWER CO, Global AI, Inc. (GLAI), BayCom Corp (BCML), SharonAI Holdings Inc. (SHAZ, SHAZW)
operational resilience	F5, INC. (FFIV), Coeptis Therapeutics Holdings, Inc. (COEP, COEPW), INTEGRA LIFESCIENCES HOLDINGS CORP (IART), Z Squared Inc. (COEP, ZSQR, COEPW), Nuburu, Inc. (BURU, BURUW)
data governance	Atlas Energy Solutions Inc. (AESI), F5, INC. (FFIV), GLACIER BANCORP, INC. (GBCI), Braze, Inc. (BRZE), Leonardo DRS, Inc. (DRS)
whistleblower program	CareDx, Inc. (CDNA), Vital Farms, Inc. (VITL), MSC INDUSTRIAL DIRECT CO INC (MSM), NN INC (NNBR), CONSTELLATION BRANDS, INC. (STZ)
privacy compliance	TANDEM DIABETES CARE INC (TNDM), WHIRLPOOL CORP /DE/ (WHR, WHR-PA), Golub Capital Direct Lending Unlevered Corp, Golub Capital BDC 4, Inc., GOLUB CAPITAL DIRECT LENDING CORP

This fortnight

The same measurement across 8-K filings only, fortnight against fortnight. An 8-K must be filed within four business days of the event it discloses, so this is what companies are telling the market right now rather than what they wrote in an annual report. Compared over a fortnight because 8-K volume is driven by events, not by filing season.

Disclosure	Direction	Change	Filings now	Fortnight before	Filers
cybersecurity incident		x3.67	22	6	12 named
ransomware		x3.29	56	17	12 named
artificial intelligence		x2.02	299	148	12 named
consent order		x1.2	65	54	12 named
compliance failure		x1.0	1	1	1 named
internal control		x0.91	151	166	12 named
data breach		x0.89	24	27	12 named
regulatory investigation		x0.78	14	18	12 named
restatement		x0.72	140	195	12 named
enforcement action		x0.7	56	80	12 named
material weakness		x0.47	27	58	12 named
AI governance	new	new	4	0	4 named
model risk	new	new	1	0	1 named
third party risk	new	new	4	0	4 named