Why Regulatory Compliance and Its Strategy Go Hand In Hand

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Organizations that are subjected to industry and government regulations are often seen to struggle to maintain compliance. Modern cyber threats, the increasing use of cloud services, as well as the arrival of mobile devices have made privacy and data security more complex.

The basic challenge is to prevent data loss, maintain infrastructure security, and ensure the privacy of sensitive information. Cloud and mobility have caused a lot of people to use consumer-grade services and apps that fail to fulfill regulatory compliance needs. There is a need of a robust strategy for effective implementation of regulatory compliance.

What does an organization lack when implementing regulatory compliance?

Unluckily, there are so many organizations that adopt a piecemeal approach towards implementation of compliance. They implement short-term fixes in place of forming a long-term strategic approach. This results in costing more effort, time, and money while enhancing the risk of a security breach and slowing down the response.

What an organization requires for maintenance of consumer confidence?

To maintain regulatory compliance, it is important that organizations should make regulatory compliance strategy a part of their entire IT strategy. It needs to be impacted by several components of the IT environment that includes business continuity, disaster recovery, backup, data storage, onsite and cloud data center security, network monitoring and patch management.

List of ways by which an organization can make their regulatory compliance strategy a success:

  • Make compliance a part of the firm culture and job descriptions of employees so that everyone identifies that regulatory compliance is a shared responsibility
  • Ensure that all people are aware of the significance and advantages of compliance, in terms of the customer as well as organization
  • Educate all departments regarding the consequences of being non-compliant which includes a damaged reputation, heavy fines and also criminal prosecution
  • Automate to the highest possible extent to reduce manual errors, rapidly generate compliance reports and make efficient use of IT resources.
  • Use internal reviews and audits to correct and enhance management, compliance processes, compliance data and reporting quality.
  • Both regulatory needs and IT environments requirements are changing on a constant basis, so it is essential to partner with an IT service provider with the right set of processes and tools to aid in monitoring and responding to those changes.

Conclusion

As modern IT services and infrastructure has created compliance issues, regulators have started introducing strict rules. Effective implementation of regulatory compliance is only possible with thorough planning and robust strategy.