Today's information technology dependent business environment while facilitating enterprises to transact their data in digital mode also challenges them to secure their sensitive digital data against threats prevalent in the environment.

1. Solutions that Help Manage Compliance Risks Cost-effectively
Today's information technology dependent business environment while facilitating enterprises to transact their data in digital mode also challenges them to secure their sensitive digital data against threats prevalent in the environment. With the cyber criminals also making use of the increasingly sophisticated technology, the data related to employees details, salary information, list of clients, business plans, trade secrets, marketing and sales information must be protected to maintain the confidentiality, integrity and its availability. With threats, probability and impact making up the basic elements of risks, enterprises need to deploy effective systems that protect the IT based environment.
Risk which is a part of every business today can be defined as “the likelihood and impact of a particular threat affecting an organization” and works out detrimental if not managed properly. The weak links in the network and systems turn out as vulnerabilities that promote threat realization and changing IT scenario has brought about the need for a multitude of regulations and legislation. Compliance risk is therefore the risk of legal sanctions, material, financial and loss of reputation which results due to failure to comply with the laws and regulations. Since risks effect the reputation of every enterprise, deploying effective regulatory mechanisms will help them with early identification of threats, categorizing and prioritizing risks with a focus on increasing revenue.
To comply with regulations, enterprises must first ensure that their sensitive information is protected from unauthorized access. Mitigating risks can be possible by making risk management an integral part of everyday business operations. However, with demands for better quality and increase in profit margins, IT risk management becomes all more arduous. To meet these challenges effectively enterprises need to adopt automated frameworks that will help enterprises to support all the compliance requirements and manage compliance risks in a cost-effective manner.
The automated compliance management solution from the leading service providers not only address the security, audit, risk and compliance management needs of every business but also lowers the cost of ownerships. This cost-effective cloud-based model which can be availed as an on-demand service gives back enhanced returns. This risk management framework streamlines the process by making use of a centralized repository for collecting data from various sources and mapping them with the requirements of regulations. Further optimization and simplification of the process helps to reduce the time required to stay compliant. Moreover, the built-in templates and intelligent dashboards provides enterprises with prompt reports and valuable insights that help them with critical decisions and actions for a risk-free compliant business process.
Check out - HIPAA Compliance, IT Governance