Many companies think that IT GRC practices and compliance management initiatives are cumbersome and guarantees very few returns.

1. Importance of IT Security and Compliance Management Policies
Many companies think that IT GRC practices and compliance management initiatives are cumbersome and guarantees very few returns. However, when executed with accuracy it can result in advantages like achieving competitive edge over other market players, enhanced processes and enabling the companies to integrate IT to business for boosting the ROI.
The modern day business scenario has become more complex than what it was before. The outcome of this is maximized rate of security issues. Hence, other than business development policies, most enterprises today require solutions to avert security hassles, wrong internal practices, unfair reporting and various other kinds of forgeries. Depending in maximized security hassles the government today has placed rigid policies and other regulations to guarantee IT compliance management in a company. Some of the well-known names are HITECH, HIPAA and PCI DSS.
· PCI DSS
PCI DSS (Payment Card Industry Data Security Standard) is a data security policy that efficiently manages credit card frauds. It is crucial for companies that process, transmit as well as store credit card data.
· HIPAA
HIPAA (Health Insurance Portability Accountability Act) secures the health insurance coverage for working staff as well as their respective families when there is a change in profession, job loss or any other crisis. HIPAA addresses the confidentiality and security of patient health information using electronic data interchange that improves the health care systems and its effectiveness.
· HITECH
HITECH (Health Information Technology for Economic and Clinical Health) deals with the security and privacy issues related to electronic transmission of health care data. With fraudulent practices increasing more than ever, it is crucial that health information adhere to HITECH and HIPAA privacy and security rules.
Few other important compliance policies are SOX, ISO and COBIT. Any violation in any complying with any regulations results in harsh penalties. To stay away from the penalties, companies resort to compliance management software that delivers the following features and benefits:
· Effectively automates compliance, security, audit and other risk management needs
· Minimizes the percentage of financial and legal issues
· Offers effective governance and accountability
· Minimizes and simplifies the time required for the certification processes and compliance
An organized IT safety and compliance management solution assist companies to market compliance along with privacy principles, generate trust and market share with consumers. Furthermore, it assists to eliminate thefts and other privacy issues as well.
Check out - HITECH compliance