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6 Reasons You Need to Invest in Compliance Managment

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1. Your organization must comply to multiple standards
Depending on your product/service offering, your organization may have to comply with multiple standards. For example, a healthcare centre, who offers extra services (i.e. private rooms, special meals) at additional costs and stores their own data on an internal cloud system. First, a healthcare centre must comply with PIPEDA (Personal Information Protection and Electronic Documents Act) for Canadian patients and HIPAA (Health Insurance Portability and Accountability Act) for American patients and GDPR (General Data Protection Regulation) for European patients. Additionally, because they offer premium services at cost, they need to accept credit card payments – meaning they must comply with PCI (payment card industry) standards. Lastly, because this organization stores data on an internal cloud system, they must also comply with CSA CCM (Cloud Security Alliance – Cloud Controls Matrix) regulations.

Any of these standards can have as few as 10 requirements or as many as 180 requirements. Investing in compliance management will help your organization monitor these standards as new laws/regulations are added/changed. As an example, Uzado’s compliance management outlines the requirements in visual processes and workflows to ensure that each step of the process is outlined as necessary. 

2. Your organization requires a ‘4’ (highest ranking) for all regulations
OSFI (Office of the Superintendent of Financial Institutions), for example, requires FRFIs (Federally Regulated Financial Institutions) to achieve a level 4 ranking, and if it’s not at a 4, they must explain how they’re going to improve practices to reach a ranking of 4 and by when they will complete it.
 
3. You are part of a large organization
Large organizations are notoriously slow when it comes to change management. Depending on your organization, of course, implementing new practices/policies to comply with new standards may take a while before they are recognized across the organization. Compliance management makes it easier to determine the necessary changes and how to implement them.
 
4. You are part of a small organization
Small organizations are more likely to have limited resources. Compliance management can help administer responses for all employees, when it comes time to fill out the regulations. In addition to showing the necessary changes required for compliance, the software can highlight the organization’s strengths and weaknesses, allowing management to delegate more effort to the necessary areas.

5. Your organization has international customers
As important as it is for certain organization to expand internationally, there are many compliance regulations that MUST be considered beforehand. For example, any organization that collects data from customers in other countries, must also comply to those countries’ regulations. GDPR is a strict regulation for collecting data on European citizens that dictates how the personal information should be stored and accessed. This regulation differs from those in Canada and the United States. Compliance management helps track regulations across multiple countries and alert you to any breaches of the standards.

6. Your organization stores its data in multiple locations
Many organizations have found financial benefits to storing the data they collect internationally. Netflix, Google and Amazon are three examples of multi-national organizations that do so. For these organizations, they might find that they reap more cost benefits for data collected in Canada and stored in Brazil (as an example). This organization would have to comply to both Canadian standards as the data collected is on Canadian citizens, and Brazilian standards as that’s where it is housed. Investing in a compliance management tool can help navigate the different compliance regulations in multiple countries and inform of areas that need additional regulations.

For more information about the benefits of compliance management, download our free whitepaper.New Call-to-action

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