In the ever-evolving landscape of business operations, compliance has emerged as a crucial component. However, keeping up with the complex web of regulatory requirements is no easy feat. That's where Compliance as a Service (CaaS) comes into play, offering a streamlined solution to ensure businesses stay on top of their compliance needs.
At ValorTech, we understand the importance of compliance in today's business environment. Located within Milwaukee's historic Wells Building, ValorTech® is a Managed Service Provider offering military-grade IT security, resources, and performance. As a Service Disabled Veteran Owned Small Business (SDVOB), we're leading the charge on Compliance, helping our clients stay current in an evolving business environment.
What is Compliance as a Service?
Compliance as a Service (CaaS) is a business model that enables organizations to outsource regulatory compliance management to third-party compliance experts. CaaS platforms assist companies with compliance implementation, monitoring, maintenance, and reporting to help them consistently meet regulatory compliance requirements and achieve audit readiness quickly.
Why do you need compliance as a service?
Gone are the days when compliance was a one-time exercise handled by internal IT teams. Today, compliance requires ongoing attention and substantial investments in both technology and expertise. CaaS provides a smarter alternative, helping businesses decode the complex regulatory landscape and navigate compliance requirements efficiently.
Who needs to consider the CaaS Model?
Any business looking to outsource complex compliance processes and streamline operations can benefit from the CaaS model. However, certain industries face additional regulatory challenges and requirements, making CaaS even more valuable.
Healthcare organizations: With regulations like HIPAA and HITRUST, healthcare organizations face unique compliance challenges. CaaS can help navigate these challenges with comprehensive risk assessments, automated workflows, and continuous compliance monitoring.
Financial institutions: Financial institutions dealing with standards like PCI DSS often struggle to secure cardholder data environments. CaaS can provide expert advice, help with policy development, and offer automated solutions to meet regulatory requirements.
Cloud-driven organizations: Cloud-based businesses are responsible for ensuring data privacy and security. CaaS platforms can help by providing customized compliance programs, automated checks, and security training modules.
Other highly regulated businesses: Government organizations, e-commerce platforms, and regulated businesses in sectors like energy and utilities also benefit from CaaS. It helps them focus on core operations while automating risk assessments, monitoring control implementation, and generating reports.
How to implement the CaaS Model?
Implementing the CaaS model involves several steps, from assessing current compliance status to finalizing needs and running assessments. At ValorTech, we make the implementation process seamless by bringing in expertise and technological support.
Assess the requirements: Identify applicable regulatory compliance requirements and assess the organization’s current compliance maturity. This involves mapping controls, conducting risk assessments, and understanding the compliance gap that needs to be filled.
Choose your CaaS vendor: Select a CaaS vendor based on your compliance requirements and the vendor’s area of expertise. ValorTech offers automation-led compliance capabilities, wide compliance coverage, and expert-led implementation.
Begin with setup: Run through assessment reports and gap analysis to prepare for setup and implementation. Assign roles and responsibilities, integrate reporting dashboards, and finalize training modules.
Implementation phase: Activate the compliance machinery, assign compliance tasks, and monitor compliance checks.
Documentation and reporting: Collect and maintain all documents related to compliance efforts for audit purposes. Generate comprehensive reports to determine progress and identify areas for improvement.
Audit readiness: Prepare for external audits by reviewing evidence, testing controls, and ensuring compliance readiness.
How to automate CaaS solution?
Automated CaaS solutions use technology and AI to enhance compliance workflow efficiency, minimizing the risks of compliance misses. At ValorTech, our CaaS platform offers automation capabilities that streamline the compliance process.
Integrate to set up: Integrate your existing cloud stack with the platform and enable a compliance framework. Assign roles and responsibilities to critical assets and activate implementation.
Activate implementation: Trigger an integrated risk assessment, streamline workflows, and ensure zero failing checks with 24/7 compliance monitoring.
Breeze through audits: Automatically collect evidence for audit purposes, manage evidence centrally, and map evidence to relevant control checks.
Benefits of compliance as a service
Compliance as a Service offers several benefits, making compliance initiatives simpler, more affordable, and scalable.
Cost-efficient: Eliminate the need to hire and train in-house compliance experts with automation capabilities and proactive support from professionals.
Drives scalability: Quickly adapt to accommodate increasing volumes of data and compliance requirements, preparing for multiple frameworks simultaneously.
Prioritize core functions: Reduce compliance burden by automating tasks and focusing on strategic imperative functions.
Reduces non-compliance risks: Facilitate regular compliance monitoring, assessments, and minimize risks associated with non-compliance.
Encourages flexibility: Align with unique organizational needs, view customized reports, and bring your own controls and frameworks.
Challenges of CaaS model
While CaaS offers numerous benefits, it also comes with its own set of challenges. These include data security concerns, increased dependency, technical jargon, and integration challenges.
Automate compliance management with ValorTech
ValorTech has streamlined the compliance process, replacing months of work and man-hours with weeks of automated tasks. Our powerful platform that automates compliance and drives sales enablement for forward-thinking businesses.
Looking to automate your compliance? Talk to the experts at ValorTech today to get started on your compliance journey!