What makes this more difficult? How the operational concerns of your business, legal requirements, and regulatory changes make those obligations ever-more complex and overlapping.
What compounds the difficulty even more for some companies? For one thing, only 29% of companies say they assess compliance proficiencies and skills of their staff on an ongoing basis. And just 47% of CCOs say their firms have enterprise-wide reporting systems integrated with compliance monitoring.
This illustrates the need for compliance management software to continually track, monitor, and audit whether or not your business processes are in alignment with applicable data privacy laws, organizational policies, or even the expectations of consumers and business partners.
Remaining passive or reactive about data privacy compliance? That’s not an option if you consider the potential risks and costs, the reputational damage, and negative impacts on profitability.
Components of a good compliance management solution
What should you look for as you evaluate competing solutions?
- It should combine a web-based platform with mobile solutions for iOS, Windows, and Android with an intuitive interface, allowing staff to report incidents even when they’re offline or out of the office.
- Uses non-compliance and root cause analysis to understand where processes broke down in the past, applying those insights to reduce incidents in the future.
- Maintains a risk register and relates obligations and controls to those risks to improve compliance throughout the enterprise.
- It lets you manage internal, external, and third-party audits to stay compliant and avoid penalties.
- It adapts to meet different-size teams, such as small teams (focused on audit and incident management) and broader teams (responsible for overall corporate compliance).