Organizations in domains such as Banking, Insurance and Health care, apart from serving people and in the process making profits have to keep an eye on being in compliant with the laws and regulations applicable to them that are fluid at all times. Below is a dashboard of a typical Compliance Risk Management solution.
It is the responsibility of the enforcing authorities to ensure critical industries adhere to set of rules that are beneficial to the community of people as the ultimate accountability to safe guard the people rests on the elected representatives. The frequent economic downturns that are sometimes cyclical and otherwise structural are attributed sometimes to the irregularities in the operations of the companies that are ‘too big to fail’. These irregularities show a direct impact on the economy and the world at large.
There are a multitude of laws and regulations for instance in the United States that try to keep irregularities in check such as Health Insurance Portability and Accountability Act(HIPAA)- specific to health care industries, Payment Card Industry Data Security Standard (PCI DSS) – specific to payment card industries, Sarbanes-Oxeley Act(SOX) – specific to public companies. Each geography has its own law book that the operating organizations have to be aware of , vigilant of and compliant with.
Large multinational companies operating out of diverse locales have a hard time in tracking laws and regulations with respect to each geography, auditing how many are being adhered to, identifying gaps and making action plans to close such identified gaps. It is herculean and rather impossible to track thousands of laws and regulations spread across boundaries and to check if the organization is compliant using traditional spreadsheets or emails or other tools.
With Integrade’s expertise in managing Compliance Risk Management Solutions at large organizations, we make it possible and seamless to integrate authoritative sources, their directives, controls, audit results by geographies. Be it hand holding the organizations in defining their compliance plan or technological implementation using cutting edge EGRC smart suite solutions such as RSA Archer, leave it to us, rest is assured. We also provide functional and technical support to already implemented Compliance Risk Management solutions by the way of upgrading them or making periodic enhancements.
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