Continuous Compliance:
Challenge
There's a tremendous focus today on regulatory compliance involving financial reporting, security and data privacy. But there are also tremendous business performance opportunities that can be fueled by the new requirements. Achieving compliance alone is simply meeting the requirements of the law. But improving business performance, in the context of compliance, involves using the process and technology changes brought on by compliance to help increase the efficiency of the business itself. This is where the real benefits of compliance are achieved.
Opportunity
Taking full advantage of the opportunity requires an environment that allows "continuous compliance"-an integrated approach that helps permanently improve compliance processes and practices beyond individual projects or efforts. This requires compliance to be cost-effective, with appropriate controls, proof of controls, and the ability to securely manage public-facing assets, such as web-based business applications. This requires a strong security infrastructure that protects systems, applications, data and processes from unauthorized use or access. Companies that commit themselves to developing an integrated security management infrastructure for continuous compliance will initially focus on four critical capabilities: Identity Administration, Provisioning, Access Management, and Monitoring and Auditing.
Benefits
In addition to reaping the benefits of strong controls and the ability to deliver continuous compliance with current and emerging regulations, organizations that employ a strong security infrastructure will be able to:
- reduce risk Lessen the risk of catastrophic events and allow the enterprise to run more smoothly for longer periods of time
- reduce cost and increase efficiency Develop automated and integrated IT processes, yielding greater employee productivity, and a reduced burden on administrative staff
- improve business effectiveness Improve corporate planning and strategic decision-making because a strong security infrastructure enables faster and easier access to corporate data for properly authorized individuals
- increase business agility Allow the organization to react more quickly to market and competitive events and better take advantage of business opportunities
Issues Surrounding Regulation and Continuous Compliance
Corporate financial scandals, the rise of terrorism, and increased concerns over privacy of user information are among the factors that have led to a rise in laws and industry regulations around financial reporting, security and data privacy. These factors, along with the pressures of compliance, place heavy burdens on internal IT groups. Failure to secure sensitive information can result in serious damage to the corporation, and failure to achieve compliance has financial consequences as well.
