Changing the Rules: Efficient Management of IT Regulatory Compliance
This blog is part of our Tribridge Cloud Playbook series, which is designed to help IT professionals proactively address common business disruptors.
Regulatory scrutiny of IT systems – especially in industries where proper data management is critical, such as healthcare and finance – is only growing stricter. This is a good thing: as more and more industries become fully reliant on electronic systems to stay competitive (or even just function), regulatory bodies must act as partners to ensure that those systems are as secure as possible. Unfortunately, this has negative side effects for the regulated businesses: most notably, cost. And as regulations grow more complex and frequent, those side effects – if not properly managed – could potentially get worse.
IT systems compliance is particularly challenging because it requires both legal and technical skill sets to solve. This means that demonstrating compliance with new regulations is expensive for individual companies. And it must happen in much the same way across hundreds, if not thousands, of companies. If only there was a way to streamline many of the pro forma steps and rely instead on aspects unique to each enterprise.
Rather than invest in getting an internal team 100 percent up to speed on compliance, many companies are now partnering with a managed cloud to significantly reduce compliance costs. By consolidating the compliance needs of dozens (or hundreds) of companies in the hands of a single organization (the provider), managed clouds can address regulatory challenges much more efficiently than single inside teams can. They can certainly do it more rapidly.
Imagine the savings industrywide when compliance expertise is shared across many companies. The economies of scale are obvious. Providers can then direct those savings toward customized service level agreements (SLAs) that meet very specific sets of client needs. It's a win-win, creating a virtuous cycle where the provider can serve more and more clients, and, in turn, those clients benefit from compliance costs that continue to shrink over time.
Many believe that compliance can only be reliably achieved when all aspects of it are managed in-house. While that extra measure of control is comforting, it's often false – and extremely expensive. Before you commit to solving a new compliance problem by investing or reinvesting in internal staff and infrastructure development, consider that it may be a good idea to examine your managed cloud options as well.
For more solutions to potential pitfalls that lead to sub-optimal IT infrastructure decisions, check out the Tribridge Cloud Playbook and our infographic.