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Aug-14-2017 20:20printcomments

Digital Compliance: From a Defensive Discipline to a Competitive Advantage

The defensive aspect of everything does not apply to modern compliance.

Image: hsbcnet.com

(SALEM, Ore.) - Digital compliance has been a hot issue in the digital and real world over the past years primarily because it deals with data security.

As technology has evolved significantly, advanced security breach has also leveled up; that’s why the first-world countries like the UK have implemented data protection regulation as a defense against hacking or any form of security breach.

Although these protection rules should be strictly followed, the biggest challenge here now is the compliance. Many businesses are affected with this, and although data protection regulation has been made as a defensive discipline, an angle of being a competitive advantage is also looked upon. So how does a defensive discipline turn into a competitive advantage?

Digital compliance challenges

Although digital compliance already has primary regulations, new ones, such as MiFID and MAR, are formed, which will add to the regulatory requirements. This alone can bring a huge impact to fulfilling the requirements.

Different organizations should also be aware of the various compliance regulations in the world because this is an enormous global change that largely affects data security systems as a whole. And businesses must have a close attention to details regarding this.

But if you will look at the reality today, compliance is not considered as a priority, which is another problem. This is because the willingness to invest in tools that can manage efficient data security is lacking.

Incompetent tools

Although reluctance to invest in the appropriate tools is present, most of the business firms admit that compliance is important and challenging at the same time. And aiming to be a top compliant is also seen as significant in many businesses.

The keys to effective compliance are to be precise, systematic, and up to date. And these keys can be achieved with some technological tools, which still needs man power. The thing here is to use automated tools that can furnish the works efficiently. With these advanced tools, failure of compliance is eliminated, it avoids human error, and a pro-active approach is facilitated.

To simply put it, business firms are highly encouraged to utilize the right tools to be compliant.

Pro-active approach

A pro-active compliance approach lets businesses organize compliance in an ongoing basis, considering that modern compliance is continuous. Traditional compliance, however, only focuses on the defensive aspect of everything, which does not apply to modern compliance. With a pro-active approach, businesses will not only repel compliance failure but also turn it into a competitive advantage.

Most of the businesses are facing similar problems. So if you have a better understanding of the requirements, the chances of an advanced approach to compliance is high; thus, it will make you a top competitor.

To sum it up, regardless of compliance challenges, a continuous digital approach to digital compliance is the key factor. There is always a constant change in the digital market and security, so keeping up with the high-tech strategies and tools will make it easier to comply with the requirements. After all, this is not only about defensive discipline but also about competitive advantage.

Source: Salem-News.com Special Features Dept.


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