Outsourcing Regulatory Compliance
Data security and breach notification issues continue to grab headlines, most recently about the data breach announced by Equifax. Regulatory scrutiny is currently underway, with the Federal Trade Commission (FTC) surprisingly publicly announcing that the agency is investigating the breach. Not that long ago, UBER was investigated by the FTC for a security breach that occurred with their storing of customer information in the cloud. Ransomware is at an all-time high, ransoms paid for 2017 have already bypassed 5 Billion dollars. The increased outside security threats coupled with the examples of security breaches large organizations have been faced with, is causing regulatory compliance to take the driver seat in pretty much every industry.
In some industries such as Healthcare, regulatory compliance has been at the forefront of most technology decisions. Healthcare organizations must be HIPA compliant or they will get shut down. The regulations per industry vary, but due to the recent advances in technology and increased security threats, every industry is now being regulated by stricter compliances. In the next few months, industries are going to see new regulations placed on them and compliance is going to be a fiercely monitored aspect of each business.
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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