Compliance is the foundation that organizations need, to grow organically & is essential for the long-term growth of the company. It is inclusive of both internal policies & procedures, as well as external federal & state laws. With the increasing threat environment, the legal team of organizations must know the obligations to protect customer and employee personal data.
Data privacy needs to be a top priority for businesses. Having robust data privacy policies and practices helps avoid potential lawsuits and regulatory investigations involving data security.Cyber threats and data breaches can have significant impacts on companies. Hence, the protection quality of cybersecurity determines the level of safety of businesses. Cybersecurity compliance not only helps businesses in meeting the required regulations but also allows for further security management.
Compliance programs help in building a high standard of operational effectiveness and is an important differentiating factor, when two companies go head-to-head in the procurement process, as security is a huge focus of vendor due diligence.
Compliance & the compliance journey requires policies, procedures & documentation that have clarity. It’s a blueprint for how the entire organization should operate, from how a department is organized & run to standards for employee conduct.
A good compliance program allows companies to establish how to organize, facilitate & execute controls & policies. It encourages companies to put best practices into place & exert control over factors like human error. It’s an effective strategy to put in place as a company grows.
Implementing a compliance & security program takes some time, & shouldn’t be rushed through & imposed on employees without education & thoughtful introduction to what compliance means, how it works & how they fit into the strategy.