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Compliance Management Software- Cost Effective Protection Of Business Interests

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The advent of technology and globalization of business enterprises bring forth a requirement of meeting a new set of regulatory compliances depending upon the region of the expansion.

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									  Compliance Management Software: Cost Effective Protection Of Business
                             Interests

The advent of technology and globalization of business enterprises bring forth a requirement of meeting a
new set of regulatory compliances depending upon the region of the expansion. However, enterprises
today need to have a proactive approach towards implementing new set of monitoring and control actions
for every regulation that comes with business expansions. A proactive method such as including an
enterprise-wide IT compliance and security policy, as well as risk management as a vital part of their
networks would help organizations to strategically leverage a single platform across all internal and
regulatory compliance initiatives.


Further, the recent years have also seen the government and industry regulations pressurizing the
organizations whether large business conglomerates or small and medium business enterprises to
increase its governance over their health care, IT systems, particularly data security and privacy. Some of
these include HIPAA, GLBA, SOX and the PCI regulations. Non-compliance of which can lead to serious
penalties.
Governance, Risk Management, and Compliance or GRC refers to an organization's approach across these
areas. The governance, risk and compliance activities are being increasingly integrated and aligned in
order to avoid conflicts, wasteful overlaps and gaps. Though interpreted differently in various
organizations, GRC covers activities such as corporate governance, enterprise risk management (ERM)
and corporate compliance with applicable laws and regulations. However, managing compliances is a
continuous process and in a globalized environment, the requirements and guidelines can be country
specific.


An automated process of managing the governance, risk and compliance procedures will offer enterprises
the facility to focus on their core business issues and strategies. Such automated IT Security and
compliance management software would cater for the security and IT-GRC functions. Adopting
such compliance management framework would provide the organizations with a totally integrated IT
compliance and security solutions meeting all the security, compliances, and risk management needs.
Further, with a built-in HIPPA compliance and PCI Compliance, these can be extended to other
compliances regulations.


The advent of the cloud computing technologies has paved way for this compliance management
software to be deployed as an on-demand cloud based model or software as a service model with an on-
premise deployment option. However, both these ownerships models are fit for even the small and
medium sized enterprises as it is low on initial investment and high on returns. Further, this software
with its centralized dashboard view of the compliance status across departments and geographical
locations generates reports for regulatory compliance and audits. Through a secure web based interface,
this integrated software provides workflow information, document management, Inventory control,
Compliance Scanner, and detailed access control, thus providing a cost effective method of protecting
business interests.


Also read on - Governance risk, Healthcare compliance

								
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