Compliance monitoring
What is compliance monitoring?
Compliance monitoring refers to the procedures put in place by businesses to identify and flag potential compliance risk issues that may occur in the course of routine activities and functions. Compliance monitoring employs a combination of automated and manual systems to verify that all of an organisation’s processes comply with the policies and standards put in place to maintain user privacy and protect data.
As businesses adopt the latest digital technologies to boost productivity and modernise their processes, compliance regulations are getting more and more complex. To ensure that they adhere to established data protection norms in this ever-changing environment, firms must incorporate compliance monitoring solutions to scrutinise their evolving digital infrastructure to flag risks and violations. Contemporary regulatory compliance solutions survey, review, and analyse business performance and risk indicators, enabling cybersecurity teams to take remedial action and keep business procedures in line with established compliance policies before a risk turns into an expensive violation.
What are compliance policies?
Compliance policies detail the specific regulatory requirements and standards that businesses must conform to in the establishment of risk-based controls designed to protect the confidentiality, integrity, and availability of data. These policies help form a framework for an organisation’s cybersecurity-related activities, including password management, email encryption, social media usage, and more.
Why are compliance policies important?
Compliance policies play a crucial role in keeping businesses up to date with applicable compliance requirements and strategies to incorporate them into their cybersecurity infrastructure. Thorough compliance policies can help assess cybersecurity vulnerabilities, create security controls to mitigate risks and prevent downtime in the event of a cyber-attack or other online security threat.
Why is compliance monitoring necessary?
Most regulators across the United States and the United Kingdom demand some form of compliance monitoring. For the majority of organisations, basic monitoring strategies aren’t sufficient to keep up with their growing digital infrastructure, and it’s necessary to have controls in place to oversee and manage the handling and processing of large amounts of data. Thorough compliance monitoring systems are the only way to stay ahead of all the changes and risks associated with an expanding digital infrastructure.
Who is in charge of compliance monitoring?
While compliance monitoring is a collaborative process that demands the involvement of all employees and management personnel, different organisations will have different approaches to assigning responsibility. Compliance monitoring strategies may be managed either by an in-house team of compliance officers or a third-party service provider. Staff must receive training on the value of compliance as well as on how to follow best practices in the course of carrying out their duties. Management may carry out periodic audits to make sure that employees consistently follow regulatory industry standards.
How do you create a compliance monitoring plan?
The incorporation of a thorough compliance monitoring strategy starts with a detailed compliance monitoring plan and a team equipped to implement it. This plan should consider various testing procedures, establish the regularity of testing, assign responsibility for ensuring compliance implementation, and define the logging and auditing controls that play a part in compliance testing.
There are a few necessary steps to be taken before a compliance monitoring plan can be incorporated. These are:
- Risk assessment : Early identification of all possible risk factors across business practices, networks, and infrastructure.
- Audits and reviews : Establishing a framework for regular audits and reviews of all procedures related to the handling and processing of data.
- Prioritisation of vulnerabilities : Ensure that systems and resources that are the most vulnerable and likely to be targeted, such as financial or other sensitive data, are prioritised when putting together the compliance monitoring plan.
- Reporting: Regular reports are necessary for compliance officers to keep track of risks and issues and take prompt action where necessary.
- Change management: Compliance standards are constantly evolving and are regularly amended to keep up with changing risks. Contract management lifecycle solution should have the flexibility to change as required by updated guidelines.
