Meet Compliance Requirements with Compliance Management Software Solution
As business environments became more competitive and more complex, the U.S. state and federal agencies had to act to prevent privacy breaches, inaccurate reporting, misconduct, fraud and corruption prevalent in the industry. When such incidents reached epidemic proportions, the government decided to act tough by implementing tougher regulations and policies such as SOX, HIPAA, PCI, ISO, HITECH, COBIT and so on. With government adopting a carrot and stick approach, enterprises have no other choice but to ensure that IT compliance requirements are met. Let’s look at some of these regulations in detail and understand the means of achieving compliance with these regulations easily and effortlessly.
HIPAA
The Health Insurance Portability Act (HIPAA) protects the health insurance coverage of employees and their families when they lose or change their jobs. This act also addresses the security and privacy aspects of the patient health data by encouraging the use of electronic data interchange and thereby enhancing the efficiency of the healthcare system.
HITECH
Enacted as part of the American Recovery and Reinvestment Act of 2009, the Health Information Technology for Economic and Clinical Health Act (HITECH) deals with the privacy and security issues associated with the electronic transmission of health information.Compliance with HIPAA and HITECH act’s is very necessary in the wake of growing incidents of healthcare frauds.
SOX
The Sarbanes–Oxley Act was enacted to protect investors’ money in the wake of major corporate and accounting scandals.
ISO
The International Organization for Standardization (ISO) develops voluntary international standards to ensure that the products and services are safe, reliable and of good quality. For business, it serves as strategic tools that help in reducing costs and increasing productivity.
PCI DSS
The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard for checking credit card fraud. PCI compliance is necessary especially for those organizations that store, process and transmit credit card information.
COBIT
Control Objectives for Information and Related Technologies (COBIT) is an IT governance framework that helps management and business process owners to bridge the gap between control requirements, technical issues, and business risks.
Apart from these, there are several regulations, policies and standards that companies need to comply to avoid penalties. With the help of effective enterprise compliance management software companies can:
- Achieve accountability and effective governance
- Minimize legal and financial issues through compliance
- Simplify and reduce the time required for regulatory compliance and certification process
- Automate security, compliance, assessment, audit, and risk management needs
Thus, the compliance management solution with built-in frameworks for all security and compliance frameworks and other country-specific regulations demystify complex regulations and standards.
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