In today’s business world, compliance plays a big part in every industry. Compliance increases safety and reduces risk. Staying compliant with regulatory requirements will protect your reputation, enable the smooth running of your company’s ongoing operations, increase security, and avoid paying out costly fines and penalties for non-compliance.
What Is Compliance Automation?
Avoiding the financial loss, risk, and reputational damage associated with non-compliance is such a vital consideration that most companies must deploy a GRC solution to maintain visibility and control over their compliance obligations. Having a GRC solution in place:
- Provides management with the ability to monitor how the company is meeting compliance requirements;
- Keeps the organization aware and alert to all regulatory changes as they happen;
- Allows organizations to nip non compliance issues in the bud and quickly remediate;
- Allows the organization to work with other organizations that require proof of compliance.
For any size organization, automated regulatory compliance solutions help to automate the process of compliance assessment, remediation and audit preparation – saving time and money, reducing liability and increasing security for all companies. Next-generation compliance automation solutions have taken the exhausting and tedious manual labor that has been traditionally completed manually with outdated legacy systems and replaced it with an efficient streamlined software that automatically runs the compliance process.
Compliance automation tools include the software, processes, and policies organizations use to stay aligned with official regulations. Running a Compliance Management Solution (CMS) also involves:
- Monitoring risks
- Training employees on their roles and responsibilities
- Taking corrective actions when necessary
- Minimizing the damage to consumers as a result of a violation
Today there are numerous stringent standards and regulations across all industries regarding Cybersecurity. It is a common vulnerability for any size company, with numerous risks and consequences, and cybersecurity compliance frameworks are becoming popular for this reason.
Common Frameworks (Standards)
Implementation of compliance frameworks (Standards) and implementing their guidelines is easier and quicker with automation. Among the most widely recognized compliance frameworks are:
- GDPR – the General Data Protection Regulation, Europe’s stringent data privacy laws.
- PCI DDS – The Payment Card Industry Data Security Standard, protecting cardholder data globally.
- NIST CSF – The National Institute of Standards and Technology Cybersecurity Framework, a set of guidelines and best practices to help organizations build and improve their cybersecurity posture.
- HIPPA – The Health Insurance Portability and Accountability Act (HIPAA), to protect sensitive patient health information.
- ISO 27001 – International Organization for Standardization, specifically for an Information Security Management System, providing standards to manage information and data.
- FFIEC – The Federal Financial Institutions Inspection Council, to promote uniformity in the supervision of financial institutions.
- CCPA – The California Consumer Privacy Act, to protect personal data.
Adhering to these extensive standards and frameworks ensures that your organization is taking a fully comprehensive approach to compliance and security. With all their advantages, these regulations are incredibly detailed and can be complicated to implement. There’s a vast amount of data gathering involved, knowledge of systems and processes must be collected from various departments across a company, and technical expertise is needed to successfully complete its requirements. Until now, legacy systems meant numerous spreadsheets, great manual efforts in coordination, collection and integration of information for compliance and audits. As company’s scale up and constantly require updates, this is no longer feasible or efficient.
How Does it Work?
A compliance automation tool runs the compliance process from start to finish. With basic input from the user, the tool can analyze, assess, identify and visualize the data with a touch of a button, provide insights and actionable outputs, and give an unparalleled view of your risk and compliance levels. An efficient compliance automation tool will have a centralized feature where all the key players can contribute and automatically integrate their information together.
Compliance automation tools will change the whole organization’s strategy: instead of reacting to issues and security events as they arise, the tools will prevent compliance problems and preempt them by planning and alerting ahead of time. Automated compliance tools are the difference between being a reactive organization or a proactive one.
Compliance process automation tools will use technology to continuously monitor company procedures and systems and check them for compliance. Tools are programmed with the framework requirements and can lead the process from beginning to end providing instructions, guidance, active corrections and analytics. Basic input from the user will provide the tool with all the information it needs to successfully monitor and drive compliance.
The most efficient and easiest way to automate the compliance process is using the Centraleyes Platform to automate Cyber Risk & Compliance. It is the most advanced integrated risk and compliance management platform.
Centraleyes gathers information from both users and external sources, integrates the data and presents analytics and remediation steps via a centralized dashboard, consolidating and automating traditional compliance management. Pre-loaded with over 50+ frameworks and standards, compliance with global regulations has never been more simple. Onboarding takes minutes and automation will save a company hundreds of hours and resources.
The platform’s comprehensiveness—only dreamed of until now—enables leaders responsible for compliance to automatically zero in on trouble spots, understand their situation clearly, and take action to reach the highest levels of compliance.
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