Why Is Compliance Monitoring Critical For Your Business?
Today’s organizations are going digital on many fronts while entering into partnerships with suppliers. This new business ecosystem has paved the way for increased data leakage risks. New regulations are now in place, ensuring that businesses implement compliance strategies. Regulations like GDPR, PCI, and AML also require firms to demonstrate their compliance.
With increasing market demands, complying with security and technology regulations helps companies maintain their competitive edge. They may also gain new market share. Besides, non-compliance often leads to considerable fines. A compliance monitoring plan allows your organization to assess your compliance efforts continually.
In the wake of these regulations, compliance officers and CISOs have their work cut out. They need to implement strategies that can maintain these emerging business practices efficiently. Here is how compliance monitoring and risk management can make a difference for organizations.
Evaluates Regulations Applicable to Your Organization
IT compliance plans first determine regulations that apply to your organization. Businesses can then get a glimpse of how compliance will look like. While these regulations are often dependent on your industry, some of them span across multiple industries.
Your compliance plan will delve into how your organization protects client data from theft or destruction. You may also need to certify your financial governance accuracy. These laws extend to your data storage and information security plans.
Some regulations you’ll need to keep in mind include:
- Payment Card Industry Data Security Standards (PCI-DSS)
- Sarbanes-Oxley (SOK)
- General Data Protection Regulation (GDPR)
Evaluates IT Security Governance Structure
With an IT compliance monitoring plan, CISOs can measure how your existing programs align with cybersecurity regulations. Your IT security team evaluates the efficiency of your risk management protocols which covers both risk assessment and communication. They’ll also identify, assess, and control changes on your cybersecurity practices.
A predetermined baseline informs whether your enterprises’ standard configurations align to industry-best practices. Compliance monitoring also extends to your security and privacy training. Your CISO will have an easier time identifying IT security gaps that they can work to resolve. Ensure that you document findings from these evaluations for future reference.
Addresses Security Risks
Creating a compliance plan helps your tech team address any cybersecurity risks they uncovered from previous cybersecurity audits. These plans often prioritize risks with the most significant threat to company operations. With your team’s skillset in mind, your CISO can assign monitoring roles accordingly, helping you use your human resources efficiently.
Identifies Regulatory Gaps Within Cybersecurity Controls
As you address various security risks, your tech team can also point out multiple gaps in your plan. Ongoing compliance monitoring ensures that you receive notifications when a third-party’s integrity is in question. These notifications often highlight high risks and provide intelligent filters on important information. Inform relevant regulatory boards about any gaps and the steps your team is taking to mitigate the risks.
Continuous compliance monitoring also ensures that you take a proactive approach to identify and mitigating security risks. Your compliance team can work with intelligence about third parties. They’ll remain informed about the compliance status of your partners while protecting your business against any risky partnerships. Identifying such risks in good time helps you minimize potential impact.
Maintain your Competitive Edge With IT Compliance Solutions
Ensuring regulatory compliance can become a challenging task, especially with the continually evolving regulations. Partnering with a compliance monitoring provider like Advantage Industries can make this process less demanding. Your CIO can leverage on industry-best practices and tools to identify and mitigate security risks, ensuring that you remain compliant.
With automated compliance monitoring tools, your enterprise can centralize your solutions and ensure that you proactively manage compliance issues. Prioritizing regulatory compliance as you set up your security plans can help steer your business to success.