Compliance and risk management is a critical component of managing and operating any business today. New products, more focus on operating efficiencies and government scrutiny make it mandatory for organizations to follow certain set rules and regulations.

1. Importance of IT Security and Compliance Management Solutions
Compliance and risk management is a critical component of managing and operating any business today. New
products, more focus on operating efficiencies and government scrutiny make it mandatory for organizations to
follow certain set rules and regulations. But even today majority of organizations look at compliance management
and IT Governance, Risk and Compliance(IT GRC) activities as laborious and cumbersome practices. However, these
practices have certain challenges to be dealt with and come with a host of benefits as well. When followed and
executed efficiently compliance management results in improved procedures, a competitive edge over others,
allowing enterprises to incorporate IT to business for enhancing ROI and many other benefits.
The new age competitive market with its scopes and limitations is way more complicated and aggressive than
before. This in turn leads to security hassles. Therefore, for other business development and brand building
activities, most companies need advanced means to avoid security breaches, faulty reporting, corrupt practices
and other fraudulent activities. Concerning this the government has come up with certain rigid policies and
regulations to guarantee IT compliance. Some of the notable ones are PCI DSS, HIPAA and HITECH.
PCI DSS
PCI DSS, i.e. Payment Card Industry Data Security Standard is an information security policy for managing credit
card scams. This is essential for organizations that process, transmit and store credit card data.
HIPAA
HIPAA i.e. Health Insurance Portability Act safeguards the health insurance coverage of working staff and their
respective families when there is a change or loss of job. Furthermore, this act addresses the safety and
confidentiality of patient health information (PHI) with the usage of electronic data interchange that improves the
health care systems and its efficiency.
HITECH
HITECH i.e. the Health Information Technology for Economic and Clinical Health is involved with the safety and
privacy concerns associated with electronic transmission of health care data. With the rising forgeries in health
information it is important to adhere to HITECH/HIPAA compliance regulations.
In addition, other noteworthy compliance standards and policies are COBIT, ISO, SOX and many more with their
specific guidelines for enterprises to follow. Any infringement of the guidelines leads to harsh penalties. Therefore
to steer clear of the penalties, organizations must resort to an advanced IT Security and compliance management
solution offering the following benefits:
Effectively automate compliance, security, audit and other risk management requirements
Bring down the rate of financial and legal problems
Attain effective governance and accountability
Efficiently minimize and streamline the time needed for certification processes and compliance
Advanced compliance management solutions helps organizations to market their compliance with privacy
guidelines, to set up trust and generate greater market share. Furthermore, it is efficient in eliminating identity
thefts and privacy concerns amongst the public.
Read more on - HIPAA HITECH Compliance management, Risk Assessment