Government Regulations… PCI, HIPAA, Sarbanes Oxley, GDPR…
Instead of viewing regulatory compliance as a burden, Forbes Insights research suggests that it can be harnessed to actually aid business. Accordingly, they offer three ways organizations can benefit from compliance activities…
Companies need to develop informed positions about how long it will take for concepts to be executed and how laws might evolve by the time they’re ready to take concepts to market. Waiting until later could mean investing in concepts that can’t be deployed because the regulatory environment or technologies have shifted. Regulatory compliance in areas such as security or data privacy protection can even become a competitive differentiator.
Seize the Opportunity
Compliance can present opportunities. All the information and analysis compiled to satisfy regulators can serve a company’s own purposes when it’s used effectively to refine and enhance operations. The same insights that flag problems can also spotlight solutions. Technologies applied to regulatory data collection, protection and reporting can be used to improve data accuracy, help with a single view of the customer, and lead to an improved customer experience and faster speed to market.
Don’t be Distracted
Compliance is an ever-moving target that can seem overwhelming. Sweeping regulatory reforms, such as the EU’s General Data Protection Regulation, should have been anticipated so as not to stifle innovation. Organizations must continue to invest resources to both compliance and developing data-based business models because, ultimately, they will drive progress and fulfill the next phase of digital transformation.
If your organization must comply with government mandates, NuLeaf can provide gap analysis and remediation, quarterly scanning, and annual audits to help you achieve compliance objectives and better position your company for growth.
Contact us at (410) 946-2986 or Info@NuLeafTechnologies.com