Importance of Compliance in Business
Compliance is a critical component of any security program, but up until recent, was one that was often overlooked. The year 2018 is going to be the year of stricter regulations with cyber security. The concept is that we must obtain evidence of compliance with stated policies, standards, laws, regulations, etc. to issue the proper attestations as required. Regulatory scrutiny is currently underway, with the Federal Trade Commission (FTC) reacting to several recent examples of security breaches large organizations have been hit with. This coupled with increased outside security threats is causing regulatory compliance to take the driver seat in pretty much every industry.
The future is going to bring organizations declining to work with other organization that are not compliant. Your business can be negatively impacted by working with non-compliant organizations. Regulations are being put in place to ensure cyber security is a top priority for organizations.
Regulations are sharper and business is more complex today, making it almost impossible to manage your regulatory compliance in-house. Especially in industries where regulations are constantly shifting, outside Consultants are better structured to manage that change and stay up on all the ever-changing regulations. Organizations have limited resources and outsourcing compliance can help expand the resources available to a business. Outside Consultants bring fresh perspective to business risks and opportunities. It’s hard enough running a business in real-time for a B/D or RIA to expect its compliance staff to precisely operate in accordance with FINRA/SEC regulations always. You need someone who can see the forest through the trees.
Manufacturing organizations are faced with regulatory compliance and we are going to see several changes in the upcoming weeks. Now is the perfect time to ensure your business, including your technology, are up to date with compliance and is scalable to keep you that way with pending changes. 2W Tech has Consultants on staff that can act like an external CIO for your business and can steer you through your regulatory compliance. Give us a call today to learn more.
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