Importance of Compliance Management Policies and Solutions
Several enterprises view IT Governance, Risk management and Compliance (IT GRC) Management as
intimidating activities within appropriate returns. Though these practices have their own challenges to
overcome, they come with a set of benefits too. When followed efficiently compliance management
can yield benefits such as, efficient processes leading to a competitive advantage over other market
players and a risk-free business environment.
Today’s environment is undoubtedly ridden with complex known and unknown security hazards. Added
to this is the regulatory environment mandated by strict regulations to ensure IT security and
compliance. Apart from business development strategies, most corporations require effective
strategies to avert security breaches, corrupt practices, incorrect reporting and other fraudulent
activities and ensure continuous compliance to mandatory regulations. Some of prominent regulations
and standards are HIPAA, HITECH and PCI DSS.
PCI DSS, known as the Payment Card Industry Data Security Standard is an information security policy
for ensuring security in the payment card transactions. This is essential for enterprises that process,
transmit and store credit card data.
HIPAA also known as the Health Insurance Portability and Accountability Act, secures the health
insurance coverage of working staff and their respective familities when they change or lose their jobs.
In addition to that, the Act successfully addresses the privacy and safety of patient health information
using electronic data interchange that in turn improves the health care systems and its efficiency.
The Health Information Technology for Economic and Clinical Health i.e. HITECH is a policy that is
involved with the safety and confidentiality concerns related to electronic transmission of healthcare
data. Today with the increased amount of forgeries going on with health information’s it is essential to
comply with the HIPAA and HITECH acts.
These apart, other compliance standards and policies includes names like COBIT, ISO, SOX and many
others with their respective guidelines to which enterprises need to comply. Any violation of any of the
compliance regulations will result in severe penalties. In order to avert these penalties, organizations
resort to innovative enterprise compliance management software and attain the following benefits:
Effectively automate information security, risk, and compliance assessments and audits,
Bring down the impact of financial and legal problems
Attain effective governance and accountability
Efficiently minimize and streamline the time needed for certification processes and compliance
Furthermore, with a strong compliance management solution in place enterprises can also market their
compliance with privacy regulations, to establish trust and build market share with consumers. This
also helps to alleviate identity thefts and other privacy issues amongst the public.
Read more on - vulnerability management, meaningful use in healthcare, vendor management