Compliance as a Service (CaaS)

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Running a Compliance program is even harder!

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with our Compliance as a Service(CaaS)

Compliance as a Service(CaaS) is a framework that enables companies to outsource roles, figures, and skills needed to implement and maintain compliance, to facilitate and simplify adherence with regulatory requirements.

Compliance is a top priority for organizations of all sizes in industries like healthcare and finance, which involve work that requires secure handling of protected health information (PHI) and personally identifiable information (PII). However, ensuring compliance with industry regulations like HIPAA and HITRUST can prove particularly challenging for small and midsize businesses (SMBs), which commonly lack the resources leveraged by larger enterprises.

Risk management is about people and processes and not about models and technology.

Why Compliance-as-a-Service (CaaS)?

Companies typically outsource tasks that are not within the boundaries of their core business. Just think of how many companies, especially in the SMB sector, use external suppliers for Facility Management activities, Energy Manager, Prevention and Protection Service, but also the Legal Department – thanks to the introduction of GDPR, also for privacy activities with the role of the Data Protection Officer.

So, why not use the same approach for compliance?

Recently in cyber security and Data Protection, we have seen a strong evolution of regulations and standards. As a result, companies are struggling to keep pace and increase the demand to their partners of complete and reliable offers that can help them to achieve and maintain compliance.

Compliance Challenges

To effectively help small and medium-sized businesses achieve compliance, you must first understand the difficulties they face in doing so. Organizations bound by regulations like HIPAA must devote time and effort to fulfilling their compliance-related duties on a regular basis. Unlike larger companies, they often can’t afford to employ in-house compliance officers, so the responsibility of ensuring the business obeys regulations ends up on the plate of an already busy CFO, director of IT, business manager, or office administrator.

Regardless if a company chooses to engage a trusted advisor, the first step of the process is to assess which laws and acts apply to them. Once completed, they need to organize their information security to address the boundaries put in place by those acts. This process requires a set plan that outlines a consistent and effective way of alerting and dealing with threats.

Maintaining compliance frameworks is far from easy. There’s auditing, daily enforcement of proper processes, and keeping up with current events to make sure the business continues to meet regulatory requirements. Due to the high importance of adhering to regulations and the amount of labor needed to properly do so, many small businesses turn to a third party to take over compliance, since outsourcing is more affordable than hiring an in-house staff member to oversee the process.

Discussing specific legislation as it relates to individual companies can be vague. A cybersecurity risk assessment is a valuable tool for achieving these objectives as it evaluates an organization’s security and privacy against a set of globally recognized standards and best practices.

If you don't invest in risk management, it doesn't matter what business you're in, it's a risky business.Tooltip Gary Cohn*

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