Maintain, Protect, and Diminish Risk with a Comprehensive IT Compliance Strategy
Compliance Management across the business and corporate sectors has grown tremendously since the scandals that eroded public trust in the early 2000s. The record-breaking bankruptcy of energy provider Enron was quickly followed by an even larger failure and bankruptcy by the world’s second largest communications provider, WorldCom. The two institutions cited were brought down by their own decisions that put personal profitability above the protections of the consumer.
As data and information sharing increased due to increased reliance on technology and consumer expectations, businesses found themselves guilty of information failures because of inadequate infrastructure and weak or non-existent compliance measures. While these kinds of breaches are not criminal, they damage public confidence and can lead to significant financial harm to both the company and their customers. As a result, most of today’s businesses grapple with the pressures, policies, and procedural upheavals of increased regulation.
When it comes to compliance management, the abilities to maintain and protect information, remediate problems and provide adequate compliance reports are essential. There are two areas to consider: internal compliance assures adherence to the rules, regulations, and best practices as defined by internal policies, and external compliance which is the practice of following the laws, guidelines, and regulations imposed by external governments, industries, and organizations.
Local, federal, or international laws typically require proof of compliance. But industries and organizations can also impart their own standards, such as the Payment Card Industry Data Security Standard (PCI DSS) that provides security in financial transactions and was created by top credit card companies. Another self-regulation activity by financial institutions is the voluntary use of the Basel III framework, used to demonstrate adequacy of capital and risk analysis.
IT compliance, common industry and government regulations, frameworks, regulatory organizations, benefits and challenges, tips for business leadership, and advice when searching for an IT compliance solution.