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Challenges, Benefits, and Future Trends in Compliance Intelligence

  • Establishing and implementing controls at organizations
  • Keeping abreast of and assessing how organizations are complying with laws and regulations
  • Identifying and remediating areas where organizations are not complying
  • Providing ways for organizations to report on their compliance with laws and regulations
  • Health care
  • Life sciences
  • NIST Standards: These standards were set up by the National Institute of Standards and Technology, a federal agency, to guide compliance with some regulations.
  • International Organization for Standardization (ISO) and ISO 19600: The ISO is an international body that sets standards in a range of industrial, commercial, and other areas. Its ISO 19600 standard offers guidance on how organizations can set up and maintain a system of compliance management.
  • ISO/IEC 27002: This is a standard that recommends best practices to ensure appropriate security for information technology systems.
  • COBIT: This is a framework that recommends best practices for managing and governing information technology. The COBIT framework was created by an information technology professional association called the Information Systems Audit and Control Association — now known only by its acronym, ISACA.
  • Data Retention: Many regulations require organizations to keep data for long periods of time, sometimes in ways that can make it difficult for companies to comply with data privacy regulations that impose strict limits on how businesses gather and store personally identifiable data.
  • The “Right to Be Forgotten”: Data privacy laws often give people the “right to be forgotten” — meaning that organizations must destroy all personal data about an individual upon that individual’s request. Those rights can run counter to other regulations’ requirements that certain data be kept as evidence of compliance.
  • Stay on top of changes in the regulatory landscape both at the concerned industry level as well as the jurisdiction level.
  • Develop and maintain a compliance code of conduct to create a culture of compliance in the workplace, thus encouraging fair and ethical practices.
  • Document the compliance processes. This can be done with a clear delineation of the roles and responsibilities of staff involved in compliance management. Such documentation would be valuable during regulatory compliance audits.
  • Train employees in regulatory compliance by conducting workshops, training sessions, and periodically assessing them on compliance requirements.
  • Periodically review the regulatory compliance policy to correct weaknesses in the policy and to ensure that compliance is up to date with the latest changes in the regulatory environment.
  • Automate compliance activities depending on the size and scope of the organization.