Every time a new regulation is introduced, the list of regulations and compliance challenges a company has to follow and overcome grows longer and more complex. The multitude of regulations makes it difficult to stay compliant and the rapid digital transformations that companies go through means that security risks and compliance issues are only going to accelerate.
Common Compliance Challenges You’ll Face
Compliance affects every aspect of the company, including the general workforce and the staff. It thus needs to be seen as not as a nuisance but a necessity for success and efficiency.
What are some overlooked compliance challenges?
One of the most basic but overlooked challenge is keeping up with regulatory change. As existing regulations are revised upon, and new rules and policies come up, it is challenging for organizations to repeatedly ensure that all compliance requirements are comprehensively and timely met.
The compliance regulatory plan needs to change as per the compliance requirements and if the company struggles to adapt to new policies and frameworks, it harms and hinders the progress of the enterprise.
It takes a considerable amount of time, energy and effort to align all processes to compliance regulations and then keep abreast of all the new developments.
Compliance is an entire organization’s responsibility. Continuous training and education on the needs and compliance requirements of the company is a must to ensure the cultivation of a compliance and security culture.
Accountability and transparency in the working of the organization is also an essential feature of compliance requirements. Upholding standards with the correct foundations is needed to ensure accountability and build a brand image and trust in the market.
Why is compliance monitoring important?
Ensuring that the managing, monitoring and reporting of all processes is never lax or overlooked is another big compliance challenge.
Security vulnerabilities impact compliance. While it is an inevitable consequence of technological advancements, controlling the company’s IT is very important so that the cyber-risk can be managed.
More often than not, the cause of many complications and vulnerabilities arises from a third-party or a client. Assuring that the external parties and the supply chain are also compliant is another big challenge. Assuring that a client or vendor’s information and security is compliant and true is fundamental in protecting your organization.
Be it internal accidental and intentional errors, or external cyber-attacks, organizations have a responsibility to protect their data. Their reputation, brand and success are based upon how well they can safeguard their data. Breach of privacy, loss of data, identity theft, fraud, are all common primary concerns of many organizations. These challenges need special care to ensure that compliance regulations are observed. To find out about the best compliance monitoring software and our Camp Activity Monitoring Portal (CAMP), contact us.