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		x4.19	88	21	16 named
algorithmic bias		x2.8	14	5	14 named
artificial intelligence risk		x2.5	10	4	9 named
data governance		x1.59	100	63	16 named
climate related disclosure		x1.57	55	35	16 named
privacy compliance		x1.53	119	78	16 named
cybersecurity incident disclosure		x1.5	3	2	3 named
operational resilience		x1.5	99	66	14 named
supply chain due diligence		x1.5	9	6	9 named
vendor risk management		x1.44	13	9	13 named
third party risk management		x1.29	81	63	16 named
audit committee oversight		x1.24	36	29	16 named
business continuity		x1.23	701	572	16 named
SOC 2		x1.18	73	62	6 named
model validation		x1.16	22	19	16 named
regulatory reporting		x1.12	208	185	16 named
data residency		x1.08	40	37	16 named
ransomware		x1.05	907	861	11 named
identity and access management		x1.04	28	27	16 named
cross border data transfer		x1.02	131	129	16 named
records retention		x0.93	28	30	16 named
whistleblower program		x0.84	27	32	16 named
ESG reporting		x0.6	15	25	13 named
internal control over financial reporting material weakness		x0.6	6	10	6 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	ServiceNow, Inc. (NOW), D-Wave Quantum Inc. (QBTS), SharonAI Holdings Inc. (SHAZ, SHAZW), AXIS CAPITAL HOLDINGS LTD (AXS, AXS-PE), BIO KEY INTERNATIONAL INC (BKYI)
algorithmic bias	TUCSON ELECTRIC POWER CO, OLB GROUP, INC. (OLB), RIVERVIEW BANCORP INC (RVSB), MARKEL GROUP INC. (MKL), BayCom Corp (BCML)
artificial intelligence risk	SUI Group Holdings Ltd. (SUIG), GORMAN RUPP CO (GRC), TFS Financial CORP (TFSL), McKinley Acquisition Corp (MKLY, MKLYR, MKLYU), HUNTINGTON BANCSHARES INC /MD/ (HBAN, HBANL, HBANM, HBANP, HBANZ)
data governance	GLACIER BANCORP, INC. (GBCI), ProPetro Holding Corp. (PUMP), Leonardo DRS, Inc. (DRS), Data443 Risk Mitigation, Inc. (ATDS), Four Leaf Acquisition Corp
climate related disclosure	SIGNET JEWELERS LTD (SIG), INNOVATIVE DESIGNS INC (IVDN), QNB CORP. (QNBC), Cantor Equity Partners VII, Inc. (CAES), FEDERATED HERMES, INC. (FHI)
privacy compliance	TANDEM DIABETES CARE INC (TNDM), Four Leaf Acquisition Corp, Data443 Risk Mitigation, Inc. (ATDS), Chiron Real Estate Inc. (XRN, XRN-PA, XRN-PB), Golub Capital Direct Lending Unlevered 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
AI governance		x6.0	6	1	6 named
regulatory investigation		x1.38	11	8	9 named
restatement		x1.36	72	53	12 named
artificial intelligence		x1.12	95	85	12 named
audit finding		x1.0	1	1	1 named
model risk		x1.0	1	1	1 named
ransomware		x1.0	9	9	8 named
consent order		x0.85	22	26	12 named
internal control		x0.8	83	104	12 named
material weakness		x0.79	30	38	12 named
enforcement action		x0.74	28	38	12 named
data breach		x0.55	11	20	11 named
cybersecurity incident		x0.15	2	13	2 named
compliance failure	new	new	2	0	2 named
SEC comment letter	new	new	2	0	1 named
service disruption	new	new	1	0	1 named
third party risk	new	new	1	0	1 named