As businesses expand, to offer more services to customers, they can find themselves running into regulatory challenges they never considered when they started out. Failing to meet the strict standards of regulatory compliance can present serious challenges to businesses like a Government fine or customer lawsuit.
The overall goal of IT regulatory compliance is to build a technical, procedural and strategic framework that provides the means to attain and uphold a company’s legal and ethical integrity.
At this point, the importance of managed IT infrastructure becomes clearer because it helps in building compliant frameworks thereby avoiding:
The goal of an IT infrastructure budget should be to strike a balance between maximizing productivity and minimizing risks and costs. Some of the things to be borne in mind while working out the budget for investing in IT infrastructure for an organization are taking stock of required items (such has the hardware, software, cloud subscriptions, backup processes, network and IT security) and calculating the spend (the popular method is to calculate the spend as a percentage of revenue)
How to Build a Cost Effective IT Infrastructure for Regulatory Compliance?
It is as important to have the correct regulatory compliance procedures in place as it is for them to be cost effective. The enterprise application support should ensure that the laws are being followed as well as being supportive to the business continuity plan of the organization.
Some points to bear in mind in this regard are:
The right decision for this depends on various factors such as server count, staff size, communication process flow, client base and growth projections.
The company infrastructure needs to be able to adapt in order to accommodate growth and change with processing and storage in mind. Managed cloud services are today the need of the day when it comes to storage.
It is best to avoid excessive complexities and over engineering. A mandate needs to be put in place such that there are permanent solutions to technical problems. It is also extremely important to document every single task to ensure a fall back system in future and enhance the communication process flow while saving time.
Opting for and managing trusted hardware, software, SaaS vendors can be instrumental in having a cost effect IT infrastructure.
The entire staff should be given training touching upon all aspects of the IT infrastructure. This will ensure that all the staff have some basic knowledge in overall functioning thereby improving communication process flow while ensuring compliance when a project/work is underway.
A third party provider that is efficient in compliance management can host user applications, hardware, software, servers, storage and other IT components on behalf of the company.
Planning and implementing the IT infrastructure such that it is regulatory compliant is no small task. Bringing on board an expert in this field will bring in years of expertise with respect to auditing, designing and implementing the IT infrastructure.
Regulations require firms to collect, store and process data across multiple products. Expansion into new geographies creates additional challenges for an organization. The amount of data that is being generated every day is growing at a steep pace prompting many to wonder where all this data can be stored. As more and more companies begin to use the Internet of Things(IoT), artificial intelligence and edge computing strategies, data collection and storage offer several challenges. Today there is a strong trend towards cloud migration due to lowered cost in storage and its collaborative features. The impact of cloud computing on retail business is not only limited to seamless and scalable applications but also in providing several security and compliance features. The cloud contact center for example, is a treasure trove of personal information, which makes the cloud contact center security a crucial aspect .
The security of contact centers hosted on a cloud depends on various factors:
The digital assurance market is fast gaining prominence due to digital transformation that is helping retailers bounce back post COVID.
Digital solutions for retail, implemented in accordance with digital maturity models are transforming the retail market in several ways.
When adopting digital technologies, Digital assurance ensures that the digital strategies deliver the expected business outcomes and experiences for customers.
When adopting new age IT infrastructure for regulatory compliance the cost and risk should be low while productivity of enterprise applications be high.
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