Changing regulations and online threats have created substantial compliance management challenges. Enlisting third-party IT professionals is a trending solution.
What You Should Know About Compliance Management
We all live in and work in a culture that has checks and balances. From sporting events to the business sector, there are guidelines in place we are required to follow.
Failing to adhere to established rules on the playing field and your team incurs a penalty. Fail to follow regulatory guidelines in industry, and you can anticipate a significant financial impact. Simply complying with the rules may be easier said than done because regulatory bodies have crafted complex and sometimes fluidly changing guidelines.
What is Compliance Management?
In many ways, compliance management is similar to risk management. The consequences of operating an organization in conflict with industry laws and regulations can result in high fines and potential work stoppages. In that respect, compliance management is a way of tasking managers and third-party resources with ensuring that your operation can withstand scrutiny at any time. These are strategies a compliance management specialist utilizes.
Contracting with Third-Party Experts to Conduct Independent Audits
Review Security Protocols and Methods
Compiling Data for the Purpose of Internal Reporting
Reviewing Results to Determine Critical Compliance and Next Steps
Developing Improved Compliance Management Policies
The days of merely holding staff meetings and discussions about regulatory compliance became ineffective the moment your operation went online. Beyond the one-to-one government and industry requirements, organizations must now put top-tier cybersecurity defenses in place. Cybersecurity is now a significant compliance management issue.
Why Compliance Management Is Also
A common disconnect exists that cyberattacks and data breaches by hackers are somehow not a business’s fault. To some degree, it may be true that when sensitive and personal information is stolen by cybercriminals, the people and organizations are victims. But curbing the escalation of cybercrime has made its way into oversight. Many companies are now tasked with putting quantifiable cybersecurity measures in place.
Failing to meet legal standards can result in government fines and loss of business licenses. Perhaps the most substantial risk is that the customers whose personal information was stolen can turn around and sue your outfit. We’ve all seen the splashy headlines about customers being awarded millions following data breaches. In no uncertain terms, that could be your company’s name garnering negative media attention without top-tier compliance management professionals in place.
Work With A Compliance Management Consultant
To Mitigate Business Risk
It’s not uncommon for professionals to focus almost exclusively on meeting tangible regulations. But connecting to the internet and sharing information electronically opens every organization to risk. It’s in your best interest to have a compliance management and risk assessment completed by an independent third-party.