Every day we manage standards and practices such as Sarbanes-Oxley (SOX), HIPAA, COSO, COBIT, NASD / NYSE, Basel II, OECD Principles, ASX 10, etc. The universe of standards that managers must take into account seems to grow more complex every day and the negative consequences of non-compliance are increasingly intolerable. Are you aware, as a manager, of the legal risks to which you are exposed due to non-compliance with current regulations?
What is compliance?
We can define compliance as the actions taken by the organization to ensure adherence to standards, regulations and policies. It should be noted that it also implies that such adherence can be demonstrated.
The increasing loss of stakeholder confidence gives rise to numerous regulations that interact and sometimes even overlap with each other. Regulations seek to assure stakeholders that organizations are playing by known rules of the game.
Compliance Software
It is clear that compliance with policies and standards is not sustainable without an automated solution to manage the documentation and processes required to achieve this goal, including tasks related to the assessment and deployment of TAAC controls and event logs. Today, many auditors use MS Office (e.g. Word questionnaires) but know that this is not sufficient in terms of reusability and security.
Some compliance software solutions can be classified as:
Software designed to automate the audit process based on the COSO Framework:
- They include the process definition, the risks associated with each process, the controls needed to mitigate the risks, validation testing to ensure the controls are effective, and the new control measures needed to ensure full compliance.
DATASEC Solution : Meycor COSO AG
Other types of compliance software automate manual tasks and generate audit trails, which include:
- Document management
- Event management
- Contract management (due dates, responsible parties, flows)
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Customer and supplier collaboration portal
DATASEC Solution : Meycor KP
Let's look at an example of a regulation that certain organizations must enforce:
PCI cardholder information security program.
Cardholder information security is now more of a necessity than ever.
Companies that do not have a plan to achieve compliance or create misleading compliance reports are not viewed in a favorable light and may be subject to more severe penalties.
This program includes:
- A detailed assessment program (202 detailed standards).
- A self-assessment program (approximately 78 standards).
The program covers, for example, issues such as:
- Establish policies that address information security.
- Implement a formal information security awareness program.
DATASEC Solution: You can use Meycor CSA to include the corresponding questionnaires, gathering evidence on the reliability of the answers and determining the areas that need to be strengthened.
Our Philosophy
Software tools are an essential part of compliance management. However, our approach focuses on a holistic approach that includes the development and adjustment of processes and content, training and, if necessary, coaching of personnel for Compliance Management.
