Regulatory compliance is a fact of life for organizations of all sizes and in every industry. Many regulatory requirements touch the IT environment, including data privacy and protection, records retention, financial reporting, and more. Organizations that don’t meet these requirements could face fines and penalties and lose their ability to compete in the global marketplace.
However, regulatory compliance is increasingly complicated. It’s tough to keep up with ever-changing rules and ensure that the proper controls are in place to adhere to their guidelines. Smaller organizations may be required to meet stringent standards to do business with larger business partners.
Many small to midsize enterprises (SMEs) lack the skills and resources to ensure compliance with complex regulations. Compliance-as-a-Service can close this gap by embedding compliance into software, automating many compliance-related tasks and overlaying business-specific expertise.
What Is Compliance-as-a-Service?
Compliance-as-a-Service solutions are delivered by managed services providers (MSPs) with expertise in regulatory requirements. They begin with an assessment of an organization’s regulatory obligations, compliance and governance practices, and any related risks. They then help the organization implement controls and processes needed to achieve compliance.
Of course, regulatory compliance is not a one-time operation. MSPs use cloud-based software for ongoing compliance monitoring and risk assessment. They also test products and services for compliance violations and help SMEs follow best practices and enforce policies both on premises and in the cloud. Software and services are kept up to date as compliance requirements change.
Automation is a key feature of Compliance-as-a-Service solutions. Automated tools can provide compliance analytics and quickly generate reports highlighting gaps and vulnerabilities. SMEs can access customized dashboards and use built-in reporting tools to streamline audits. Best-in-class solutions incorporate AI to identify compliance risks and provide recommendations to meet compliance goals.
What Are the Benefits of Compliance-as-a-Service?
Obviously, the greatest benefit of Compliance-as-a-Service is achieving and maintaining compliance with relevant regulations. Real-time monitoring and well-thought-out procedures ensure that SMEs can meet regulatory guidelines and mitigate risks. Compliance-as-a-Service also relieves the pressure on in-house teams by minimizing manual tasks.
Compliance-as-a-Service is an end-to-end solution that goes beyond automated tools. SMEs gain access to expert resources as well as training and mentoring programs to help employees follow best practices and develop a culture of compliance and effective governance. Taken as a whole, Compliance-as-a-Service reduces costs by reducing the risk of fines and penalties.
With Compliance-as-a-Service, in-house teams don’t have to stay abreast of changes in compliance requirements. SMEs can roll out new products and services and expand to new markets with confidence that they’ll be compliant with changing laws and regulations.
Will Compliance-as-a-Service Benefit My Business?
Compliance-as-a-Service can benefit almost any organization, particularly those that collect and maintain large volumes of data. Myriad laws and regulations govern the privacy and security of sensitive personal information, and as data volumes grow, organizations often struggle to meet regulatory requirements.
Additionally, laws such as the California Consumer Privacy Act (CCPA) and the EU’s General Data Protection Regulation (GDPR) give consumers a great deal of control over their information. Organizations must be prepared to locate records quickly and comply with requests to remove or modify the data.
Healthcare, financial services and utilities are among the industries most affected by complex regulatory requirements and thus derive the greatest benefits from Compliance-as-a-Service. It can help them meet stringent standards and respond quickly to audits. It is especially helpful for identifying and reconciling overlapping or conflicting requirements, as many organizations are required to comply with multiple regulations.
How Verteks Can Help
Verteks provides a Compliance-as-a-Service solution as part of our comprehensive suite of managed services offerings. Our team will assess your compliance requirements and tailor a solution to precisely meet your organization’s needs. We’re here to serve as your trusted partner for improved compliance with fewer headaches.