YourITgroup can ensure your company’s IT services are in compliance with all appropriate federal and state industry standards, rules, and regulations from numerous agencies, including HIPAA, FINRA, SEC, PCI, GDPR, and more.
Top Benefits of YourITgroup Compliance Services
Clear, Actionable Risk Assessments
Compliance Control Insights
Reduction of Risk Managements Costs
Improvements in Reporting
Automation of Deadline Reminders
Why a Compliance Solution?
It’s hard to think of an industry that is not subject to some degree of regulatory compliance requirements. Lest you feel overwhelmed by a tidal wave of acronyms, start by considering some of the most important ones:
- HIPAA (Health Insurance Portability and Accountability Act of 1996): Modernized the flow of healthcare information and established the rules for protecting the confidentiality of patient data.
- FINRA (Financial Industry Regulatory Authority): Regulates financial industry brokerage firms and brokers and supervises the stock market and securities industry.
- SEC (Securities and Exchange Commission): Established after the Wall Street Crash of 1929 to protect investors, support capital formation, and oversee the national banking system.
- PCI / DSS (Payment Card Industry / Data Security Standards): Safeguard both businesses and consumers by setting the standards for secure financial environments for entities that accept, process, store, and transmit credit card information.
- NIST (National Institute of Standards and Technology): Established by Congress in 1901 to advance U.S. industrial competitiveness, NIST today is part of the Department of Commerce.
- SOX (Sarbanes-Oxley): This wide-ranging federal law set new and expanded requirements for all U.S. public company boards, management, and public accounting firms.
- GDPR (General Data Protection Regulation): A standard in European Union law regarding data protection and privacy in the EU and the European Economic Area (EEA).
How Compliance Services Work
Fostering a culture of good governance in an organization lays the foundation for adhering to regulatory compliance, which grows more complex with every passing year. For that reason, hewing to the rules and avoiding risk is easier said than done. More importantly, the penalties for non-compliance become ever more costly.
YourITgroup can provide a range of solutions that can significantly improve your company's risk management protocols and regulatory compliance. We do this by auditing the effectiveness of your current compliance programs; establishing a central repository of legal obligations and IT frameworks; and rigorously testing the controls and outcomes of these processes.
Primary Challenges of Compliance Services
What do we mean by “compliance”? It could refer to financial compliance, information technology compliance, or legal and regulatory compliance. Different sectors of an organization must deal with different sets of rules. But whatever the policies and protocols they must deal with, certain challenges remain the same across the organization.
Once upon a time, companies intent on strictly following compliance laws kept meticulous, cross-indexed paper records stuffed into row upon row of tall filing cabinets. After a few years, they found themselves drowning in reams of paper. Yet now, even those that have moved away from physical record-keeping struggle to manage their digital archives.
Like the elusive, shape-shifting god of ancient Greece, the rules and regulations governing corporate compliance are in a constant state of flux. Staying on top of those changes is a full-time job in itself. That is why you need the expertise of a service provider that knows its way around the regulatory landscape.
Within any given organization, too many department heads and their teams jealously guard their particular bailiwick, holding on to vintage procedures and systems (whether they work efficiently or not) and refusing to share their findings and data with neighboring departments, thus creating accountability roadblocks and compliance nightmares.
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The Business Advantages of Compliance as a Service (CaaS)
Avoiding the steep cost of non-compliance is just one of those advantages. Because so much business today is conducted online and via computer in some fashion or another, IT departments in virtually all industries are the tip of the spear when it comes to maintaining compliance with the intricate maze of laws and rules mandated by these various regulatory bodies. Non-compliance with these regulations can have serious, long-lasting legal and financial implications for your organization. Here are some other advantages:
Managing cyber-security, researching the most recent rule changes, and preparing proper documentation for regulatory bodies takes up time better spent on production and profitability. Compliance as a Service will spare you much of this extra work.
CaaS isn't just about uploading gigabytes of data to the Cloud. YourITgroup will also provide you with the tools, processes, training, and other resources needed to streamline the administrative aspects of compliance without compromising security.
To achieve this level of efficiency, some level of software magic must be invoked. So use that! Our compliance services will monitor updates to industry regulations whenever they occur and automatically program them into your cloud-based services.
Compliance Services Are the Future
And the future is NOW. With the growing complexity of business ecosystems, Compliance as a Service has evolved into a cloud-based solution that lets companies outsource and automate their legal, fiscal, and commercial obligations. The goal is to lighten the workload for companies, simplify procedures, minimize costs, and avoid penalties. As a result, regulatory compliance today is currently closely related to the expertise associated with information technology.
Avoid Compliance Costs and Headaches
Let our regulatory experts review your current practices and work with your IT team to develop long-term solutions around ensuring and maintaining compliance with all applicable rules and standards.
Compliance Services FAQ’s
YourITgroup's Compliance Services can meet your organization’s unique needs, especially if you operate in a specialized industry like finance or healthcare.
- q What is the meaning of “compliance” and what is its chief benefit?
Put simply, compliance means following national and international standards, regulations, and laws insofar as they apply to specific industries. It is beneficial in that it represents a way of conducting business in a sustainable way. It is not a punishment, but rather a means of profitability in today’s world.
- q Is there an equivalent GDPR law in the U.S.?
No. Nothing like the GDPR (or any other cookie law) exists in in the United States. When processing Personally Identifiable Information (PII) of European citizens or entities, GDPR is in effect. However, when processing American PII in the US, no broad federal law applies.
- q What is PHI?
Within the context of HIPAA regulatory compliance, PHI stands for “Protected Health Information.” PHI, then, refers to any information about the health status, health care treatment, or health care payment that is created or collected by an organization and that can be linked to a specific individual.
- q Why is PCI DSS compliance important?
Non-compliance with PCI DSS requirements can result in severe penalties and steep fines levied by individual card brands, revocation of certain credit card payment services, and even complete suspension of accounts. PCI security oversights can also leave merchants vulnerable to costly and damaging data breaches, leading to lawsuits, remediation costs, and irreparable damage to a merchant’s reputation.
- q What are the risks of non-compliance?
Failure to comply with relevant federal, state, and industry regulations creates considerable risks to organizations. Potential sanctions include loss of business, penalties from authorities, damage claims from customers, and lawyer fees associated with defending against such sanctions.