Our key takeaways…
By far, the greatest challenge of mastering assurance and compliance is the ability to rationalize control frameworks and standardize controls. When businesses respond to new or updated regulatory requirements, they tend to do so in a reactive way by adding controls to meet those requirements and when regulations change, which is completely understandable. Therefore, when regulatory requirements change, organizations need to ensure that they take a step back to consider whether their control framework needs to be rationalized and their controls standardized in response.
One of the speakers on our panel also brought up how important it is to cultivate a ‘culture of compliance throughout an organization. Initiatives such as proactive breach reporting should be encouraged, and reporting hundreds of minor compliance issues should be something that is celebrated and encouraged because uncovering these issues in the first place is often half the battle. Businesses that want to take a proactive approach to IT compliance and risk management should:
- Do away with silos or come up with a dedicated process that collates and connects disparate data sets throughout the business
- Make processes visible, traceable, and predictable wherever possible
- Define streamlined processes for collecting and reviewing evidence on a regular basis
- Automate these processes where possible to increase their efficiency
- Seek out a reporting and monitoring system that will ensure compliance and support ongoing improvements as the business grow
The Noord Virtual Boardroom took place on April 27th and was hosted in association with SureCloud. To learn more about SureCloud’s GRC solution and its capabilities, and how your business can benefit, get in touch today.