INFORMATION SECURITY PROGRAMS
With compliance requirements on the rise in many industry sectors, the demands on in-house compliance teams have intensified. The Dodd-Frank Wall Street Reform and Consumer Protection Act, U.S. health care reform, the Foreign Account Tax Compliance Act, and the Markets in Financial Instruments Directive II are just a few of the regulatory developments that have resulted in increased compliance responsibilities. Add to this other rules in areas such as product safety, quality, and anti-money laundering, and in-house legal teams are under a lot of pressure.
Data security is a major concern of Legal Process Outsourcing, including risks to intellectual property and sensitive company information. To protect data security when outsourcing compliance tasks, organizations should consider the following:
- Clearly define the data security requirements and expectations for the security environment with the outsourcing vendor
- Assess the provider’s IT security and business continuity capabilities and plans
- Require that the provider maintain a client-specific security and control environment
- Specify the tools and techniques that can be employed to achieve data security
- Define the frequency and types of provider audits the company may conduct
- Place a high priority on data security in service contracts and service-level agreements
With careful planning, strong service-level agreements, and supervision, compliance outsourcing can be advantageous to many companies over-burdened with regulatory compliance obligations. Businessshapergroup continues to monitor the adjustments to the major legislation acts and take the proper actions necessary to keep your organization in regulatory compliance.
How do you recognize where your network is most vulnerable? How do you assure your customers that their information is private, secure, and protected? You do so by identifying risk and implementing risk mitigating controls in order to abide by best practices and compliance requirements. We can help the finance and healthcare industries meet the standards of FFIEC, GLBA and HIPAA. We offer services that mitigate risk around the clock while adhering to the latest industry regulations. We work with you to develop a compliant and up-to-date program to assist you in measuring monitoring and reporting on your information security risk.