Meet Compliance Requirements with Compliance Management Software SolutionAs business environments became more competitive ...
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Meet Compliance Requirements with Compliance Management Software Solution

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As business environments became more competitive and more complex, the U.S. state and federal agencies had to act to prevent privacy breaches, inaccurate reporting, misconduct, fraud and corruption prevalent in the industry. When such incidents reached epidemic proportions, the government decided to act tough by implementing tougher regulations and policies such as SOX, HIPAA, PCI, ISO, HITECH, COBIT and so on.

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Meet Compliance Requirements with Compliance Management Software Solution

  1. 1. Meet Compliance Requirements with Compliance Management Software SolutionAs business environments became more competitive and more complex, the U.S. state and federal agencieshad to act to prevent privacy breaches, inaccurate reporting, misconduct, fraud and corruption prevalent inthe industry. When such incidents reached epidemic proportions, the government decided to act tough byimplementing tougher regulations and policies such as SOX, HIPAA, PCI, ISO, HITECH, COBIT and so on. Withgovernment adopting a carrot and stick approach, enterprises have no other choice but to ensure that ITcompliance requirements are met. Let’s look at some of these regulations in detail and understand the meansof achieving compliance with these regulations easily and effortlessly.HIPAAThe Health Insurance Portability Act (HIPAA) protects the health insurance coverage of employees and theirfamilies when they lose or change their jobs. This act also addresses the security and privacy aspects of thepatient health data by encouraging the use of electronic data interchange and thereby enhancing theefficiency of the healthcare system.HITECHEnacted as part of the American Recovery and Reinvestment Act of 2009, the Health Information Technologyfor Economic and Clinical Health Act (HITECH) deals with the privacy and security issues associated with theelectronic transmission of health information. Compliance with HIPAA and HITECH acts is very necessary inthe wake of growing incidents of healthcare frauds.SOXThe Sarbanes–Oxley Act was enacted to protect investors’ money in the wake of major corporate andaccounting scandals.ISOThe International Organization for Standardization (ISO) develops voluntary international standards toensure that the products and services are safe, reliable and of good quality. For business, it serves as strategictools that help in reducing costs and increasing productivity.PCI DSSThe Payment Card Industry Data Security Standard (PCI DSS) is an information security standard forchecking credit card fraud. PCI compliance is necessary especially for those organizations that store, processand transmit credit card information.COBITControl Objectives for Information and Related Technologies (COBIT) is an IT governance framework thathelps management and business process owners to bridge the gap between control requirements, technicalissues, and business risks.Apart from these, there are several regulations, policies and standards that companies need to comply toavoid penalties. With the help of effective enterprise compliance management software companies can: Achieve accountability and effective governance Minimize legal and financial issues through compliance Simplify and reduce the time required for regulatory compliance and certification process Automate security, compliance, assessment, audit, and risk management needsThus, the compliance management solution with built-in frameworks for all security and complianceframeworks and other country-specific regulations demystify complex regulations and standards.Read more on - IT Compliance, meaningful use in healthcare

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