Beyond the Stick: The Business Benefits of a Strategic Approach to IT Compliance
Sharpening IT compliance efforts for short-term and long-term payoffs
Many organizations invest significant time and resources to comply with industry and government regulations. One that is on almost everyone’s minds these days is the EU’s General Data Protection Regulation (GDPR). It’s a sweeping regulation that requires fundamental changes in the way businesses handle
personal data of people covered by GDPR, and it imposes stiff penalties for noncompliance.
In terms of business impact, regulations can be viewed as both a carrot and a stick. The carrot is the positive business results that a smart, systematic approach to compliance can drive. The stick is the penalties for noncompliance, including heavy fines. In the case of GDPR, those fines amount to up to 4% of annual global revenue, or €20 million, whichever is higher.
GDPR is just the latest in a host of regulations that businesses must comply with. Compliance can be a one-off effort, a game of whack-a-mole focused on complying with the regulation dujour. That’s a tactical approach that doesn’t result in systematic improvements. A strategic approach uses compliance as a
motivation to put in place best practices that not only meet compliance requirements but also offer concrete business benefits.
How does this work? We’ll show you in four key areas, outlining compliance challenges and then highlighting business benefits you can drive.
Over the past decade, organizations have had access to more data than they ever thought possible. They have been collecting, saving, and analyzing this data to drive everything from better marketing and customer service to protecting their companies from fraud. However, data that was once viewed purely as an asset now has the potential to be a liability.
Download this whitepaper to learn more about how sharpening your efforts around data handling, data quality, security and resilience provides both short-term and long-term payoffs, with comprehensive, reliable data to fuel advanced analytics and strategic initiatives.