No company is an island. Every organization, no matter its industry, is surrounded by a vast sea of regulations. Local, regional and state regulations. National regulations. International regulations. Industry-specific regulations. Regulations that govern financial transactions… trans-border data flow and other cybersecurity matters… ethics… and much more.
Today, most organizations must comply with regulations in these four areas:
- Industry/vertical: An organization must comply with its industry’s unique regulations. A healthcare company, for example, must follow regulations on patient privacy. An energy supplier must adhere to regulations for safety and environmental protection. And a government agency faces stringent regulations regarding the ethical behavior of its staff.
- Financial practices: Differing by country, these regulations govern a wide range of activities, including financial accounting practices, reporting transactions, mergers and acquisitions, even executive compensation.
- Data security: These regulations govern the storage, use and transmission of sensitive data; the ability to control access to internal applications and systems; even protecting information on mobile devices against loss and theft. Again, these regulations vary among countries; companies that operate in more than one country may find that their practices in one region violate the regulations of another.
- Quality control; because all previous areas will be efforts to make by all stakeholders in the organizations, the quality control framework will structure in a top-down way the efficient markers.
Complying with this vast panoply of regulations is both mandatory and challenging. Regulatory compliance is complicated and time consuming at best. Further, regulations change and evolve constantly, rendering yesterday’s compliance solution obsolete and in need of renewal. What’s more, because every organization’s regulatory situation is unique — depending on its areas of operation, activities and more — there is no one-size-fits-all compliance solution.
Why THIMPL strategy ?
THIMPL strategy can help you transform regulatory compliance from a headache to a competitive advantage. Our consultants can help take a “snapshot” of your current compliance profile. THIMPL strategy can then help you design and build systems that improve your compliance efforts.