Prudent business practices demand the securing of
key digital assets and having the ability to audit
the exchange of those assets both within the company
and externally. Increasingly, regulations demand
the same thing and even more.
Sarbanes-Oxley Act (SOX) requires trading partner
certification, data center validation and
information transparency auditing. The Health
Insurance Portability and Accountability Act (HIPAA)
insist on the stringent protection of health
information privacy. And, Gramm-Leach-Bliley (GLM)
dictates that the privacy of individuals financial
information must be protected. Add to that the PCI-DSS
standard and you have an issue that increases the
cost of IT.
 The
pressure to demonstrate compliance with regulatory
mandates continues to increase, with some
organizations now subject to five or more regulatory
mandates. Most firms, however, are currently subject
to three "most pressing" regulatory compliance
mandates requiring that they demonstrate IT security
through internal or external audits. Janco's tools
help to meet these pressures head on. You can drive
regulatory compliance with your enterprise today
and reduce the costs associated with compliance -
while still achieving leadership status..
Risks and regulatory requirements are nothing new to
business. What is new is their size and severity.
Enterprise wide solutions have higher risks since
they are in the realm of total solutions. New
regulations have sharper teeth and deeper impact.
They have caught the attention of board members and
management at all levels.
But governments are not the only pressure point.
Customers are placing demands on companies as well.
Take the special mandates in the US from Wal-Mart or
the Department of Defense, for example, on suppliers
fixing RFID tags on shipments. Also one should not
forget that businesses may have their own
self-imposed set of ethics, fairness and
sustainability policies.
It is certainly been a catalyst for change in
companies and industries of all sizes. Yet, SOX is
only one piece of a larger regulatory puzzle.
Regulations in data security, privacy, records
retention, human resources, payroll and taxes, risk
management, health and safety, bio-terrorism,
homeland security, international trade and
environment are all putting pressure on companies.
Failure to comply in any of these areas can mean
stiff penalties: directors may be sent to jail, and
companies may be fined and even shut down.
Businesses need to leverage technology to meet
compliance challenges quickly across an enterprise,
be able to scale across geographies and reuse common
technologies across multiple compliance issues to
lower overall cost of compliance. Relying on manual
processes or taking a fragmented approach to
compliance can be fatal as a company's reputation is
at stake in the business and capital markets. One
serious incident and a company could lose that
valuable reputation and its customers along with it.
Companies certainly understand that compliance in an
Enterprise solution wide environment is not a
one-time thing. It is here to stay. Smart companies
are moving forward on that assumption, which is why
they are making
compliance, risk management and corporate governance
an important part of their corporate strategies.
Read on ..... |
