Regulatory Compliance Management
Regulatory Compliance Management for Your Company’s IT Infrastructure
Regulatory compliance management is critical for any business, as it helps ensure your organization meets all relevant laws and regulations regarding information technology. For these reasons, neKey allows companies to create a program to keep your practice running safely and securely without wasting valuable time.
Regulatory compliance management collects, analyzes, and stores information, such as laws, standards, and policies, to ensure that your business complies with all applicable regulations. Our process involves a wide range of areas, including data security and privacy, software licensing and distribution, energy efficiency requirements, environmental protection procedures, and more.
If companies fail to implement proper measures for maintaining regulatory compliance management programs within their organization, they could face significant consequences down the line.
One of the primary risks associated with ignoring IT compliance is the potential for financial losses due to penalties by governing bodies such as the FTC or EU. These fines can extend into the millions, depending on the severity of the violations. Not only will these hefty fines negatively impact a company’s bottom line, but they may also cause long-term financial implications such as higher insurance rates or other related costs.
Another risk is that customer data stored within an organization may not be adequately protected against cyberthreats such as hacking or malware attacks. Companies without adequate security protocols or measures could find themselves at a higher risk for data breaches. This could expose confidential information, which would have implications for customers and legal liability issues for the business itself.
Lack of oversight can cause reputational damage due to customers feeling that their personal information has not been safeguarded against potential risks. Decreased consumer confidence in an organization could have long-term impacts on your ability to generate revenue through sales and services.
Businesses that fail to follow IT laws and regulations face legal liabilities stemming from customer lawsuits relating to privacy violations, or other issues. Ignoring IT compliance could put your business at risk for costly litigation expenses, even if no actual harm was done in terms of financial loss or unauthorized access to sensitive information.
At neKey, we maintain the security and continuity of your systems and applications. Schedule a consultation for IT compliance solutions today.
Using neKey’s specialized software solutions offers several benefits when it comes to managing regulatory compliance programs. Our systems allow businesses to provide notifications when revisions occur so that you can quickly adjust your strategy accordingly. We can also help identify potential problems by providing insights into how various departments perform relative to established regulations. neKey makes it easier for companies to show proof of compliance if needed by auditors or other external entities due to their comprehensive report features. Let’s break down a couple specific takeaways:
For companies who need help managing their regulatory compliance programs, neKey can help you handle new legislation or policy changes. Our regulatory compliance management software offers tools to track the latest laws and regulations relevant to your industry, while we manage your relevant documents and store them securely in one location. We can even make it easier for businesses to access historical data related to their regulatory compliance activities. Here is our complete process at neKey: