Compliance management is a complicated process, and it gets increasingly more complex as an organization grows. As a corporation, Microsoft understands this issue all too well – first, because they provide compliance solutions to clients, and second because they must maintain compliance with a vast number of global, national, regional, and industry-specific regulations. Microsoft has learned that the way to keep a handle on it all is to cultivate an inclusive mindset and have the necessary digital tools.
Given the new reality of hybrid work and remote employee solutions, regulatory compliance has become a non-negotiable directive all the way up to the board level. Regulations at all levels of governance dictate how to manage, store, and transmit data, making compliance more vital than it has ever been. However, to stay compliant with regulatory standards, companies need to continually identify and prevent risk and govern their data according to recommended policy. This may include:
- Providing rapid access to requested data should an investigation or legal action take place.
- Protecting company data in the face of evolving work environments, such as personal devices being used for work or the trending surge of employees accessing networks from outside the physical office.
- Acting as good stewards in protecting employees, partners, and customers to the best of their ability.
Microsoft shares that its own compliance journey has provided insights and best practices for all companies in establishing compliance management practices. Planning for unexpected – yet inevitable – events means coordinating people, processes, and technology. Here are five tips from the desks of Microsoft’s compliance experts.
- Evaluate your compliance position: Compliance management is no longer a luxury but a must-have. Given that fact, every organization has to honestly assess where they are in the compliance regulation process currently and make plans to move forward. However, monitoring all the regulations, they’re responsible for can be difficult, especially for those in heavily regulated industries. Establishing and keeping an effective compliance posture can help prevent penalties, negative publicity, fines, and financial losses.
- Expand your idea of compliance: Most people think only of regulatory compliance, which is understandable given the level of attention given that subject. But compliance extends beyond regulations. Compliance management can even lead to operational and technological innovation, whereby organizations implement new client-centric offerings that have compliance integrated from the start.
- Involve everyone in the process: Data breaches are increasing, rising 68 percent in 2021 and costing an average of $24 million per occurrence. Insider leaks of sensitive information, intellectual property theft, and fraud can all adversely impact an organization. Regulatory violations can cause a lot of damage as well, but IT executives are commonly more concerned with data protection than data compliance doesn’t get as much attention. Data compliance shouldn’t sit squarely on the shoulders of a CISO and no one else – many executives can do their part to meet compliance regulations and obligations. Involving multiple leaders makes sense, as personnel across the company become more engaged with the process of creating and handling information.
- Identify data risks: If there is a merger or acquisition, legal action, or investigation, technology solutions can help you more efficiently locate the relevant data you need. While the sheer volume of data can make this difficult, technology solutions designed to track down data can reduce the risks related to regulatory compliance.
Often, SMBs find that the process of ensuring their compliance is up to date with their technology – and their technology is up to date with their clients – is an overwhelming endeavor. Alliance IT helps small businesses to navigate the challenges of data security compliance management – call today to find out how we can help.
