Adhering To Complex Regulations & Standards With Compliance Management Solutions

By Author: Martin Lobo
Total Articles: 355
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The mounting threat of cyber-crimes and the increasing difficulty of maintaining regulatory compliance, emphasizes the importance of a well-constructed and maintained governance, risk management, and compliance (GRC) program. Many organizations find it difficult to achieve and maintain compliance with numerous regulatory compliance requirements that apply to them, as they find that their regulatory compliance efforts are more complex, time-consuming, and costly than originally anticipated.

Swamped with regulatory mandates and guidelines, most organizations today are struggling to meet the complexities and growing cost of IT security risks and compliance management. Compliance presents a number of challenges, such as addressing the difficulty of achieving, demonstrating and maintaining compliance and understanding the consequences of noncompliance. Most organizations consider IT Governance, Risk & Compliance (IT GRC) activities and Compliance Management in particular as intimidating and extra work with little or no returns. Businesses are compelled to address regulatory compliance requirements to avoid the legal ...
... consequences and risks of noncompliance, as the consequences of noncompliance not only includes financial, civil, and criminal penalties, but it also effects the organization’s reputation, and has a negative impact on the customers and shareholders.

An organization needs to have a risk-based approach to managing compliance.Effective compliance management essentially involves the understanding of regulatory requirements and ensuring that all concerned employees are aware of these requirements and the are aware of the means to comply with them. Good compliance practices must be seen as a part of everyone’s job, and part of each manager’s accountability. Instead of viewing new compliance requirements as simply adding to reporting burdens, a well-formulated strategic approach that focuses on the intent of the rules should be used as a way to transform and improve an organization.

The first step in ensuring complete compliance is choosing the best IT security and compliance solution that is also cost-effective. By understanding the importance of IT security, organizations can take adequate measures to adopt the best practices. Organizations need to invest in a solution that provides end-to-end automation for all security, compliance, assessment, audit, and risk management needs. It must have built-in frameworks for all security and compliance frameworks–HIPAA, HITECH, PCI, SOX, ISO, COBIT and other country-specific regulations.

The IT compliance solution that you choose must provide information on how to implement IT controls that enable organizations to meet compliance goals. Minimize risk and maximize profitability by partnering with a reputed service provider who can ensure an effective compliance risk management program that involves people, policies, processes, and technology.

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