Effective corporate IT GRC (Governance, Risk and Compliance) is an urgent need for many organisations. As the number of regulations continue to increase, the complexity of compliance requirements rises. Efficient compliance management assists CISOs and senior management in meeting the ever–rising compliance standards.
Compliance management and its importance
Many regulatory requirements were developed to protect user data and have long been part of data compliance. The protection of user data is the main reason enterprises must adhere to certain regulations. Non-compliance can result in severe data breaches.
In short, efficient compliance management minimises the overall corporate risk and safeguards your brand. Additionally, it helps in avoiding regulatory fines and guarantees business continuity.
However, adopting a manual approach to tracking and monitoring compliance tasks increases expenses and the risk of error. Hence, businesses must look at employing an efficient compliance management tool.
Things to consider while choosing a compliance management solution
Consider your deployment needs
Every business has a unique IT infrastructure, which necessitates a unique implementation strategy.
Some businesses might be accustomed to using internal servers and require an on-premise solution to integrate with the rest of the system. Others might employ cloud-based systems and need cloud-based compliance management tools.
Consider liability and risk factors as well. While using an in-house solution can minimise the involvement of outside parties in the software implementation process, businesses will also need to commit more internal resources to maintain the software. On the other hand, a cloud-based solution relies on a third party using your IT infrastructure; as a result, you must do a third-party risk assessment and continue monitoring activities undertaken by them.
Review regulatory requirements
To address specific regulations, such as HIPAA or GDPR, the compliance management software should have user-friendly templates. It should also map updates frequently as and when changes take place.
Consider automation
In large, expanding businesses, automation is essential for lowering operating costs and preserving performance. This way, human error is less likely, and you can better track the compliance software’s effectiveness. Additionally, it can swiftly provide reports and find compliance violations.
Take into account the diverse management capabilities
It’s critical to assess how the compliance management capabilities meet your needs when selecting a software solution. A strong compliance management software product must have task management capabilities to monitor rules, projects, and other compliance operations like internal auditing, quality management, document management, and others.
A strong compliance management solution must also be able to track organisational risks. The software should also centralise and streamline risk assessments.
COMPLYment: The Best IT GRC Solution
Skillmine’s COMPLYment is a ONE-STOP-SHOP for all your compliance needs, like risk assessment, mitigation, remediation, audit, and more.
COMPLYment helps you streamline IT GRC and compliance management by providing a platform that unifies all your business and compliance requirements. It ensures an organized asset and risk management for your business by facilitating continuous review and controlled testing of IT policies.
COMPLYment follows IT security compliance guidelines to assist companies in strengthening their security, improving procedures, meeting privacy obligations, and achieving other essential business objectives. It manages and tracks your compliance requirements, including PCI, ISO, HIPAA, SEBI, SAMA, GDPR, NIST, and more.
Internal audit strategic sourcing, ongoing auditing/monitoring, ERM, governance, and regulatory compliance are at the core of COMPLYment. COMPLYment assists your organization in being risk-focused by promoting strong IT controls, ensuring fast resolution of audit problems, and informing the Board about the success of risk management measures.
Conclusion
The right compliance management solution can improve your compliance processes and positively impact your business. Skillmine’s regulatory compliance platform COMPLYment includes cybersecurity risk assessments, internal audit templates, document management, reporting, and many other compliance frameworks from various national and international regulations, including ISO, HIPAA, PCI DSS, and NIST.
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