Poor understanding of what compliance legislation means for individual companies and a lack of internal co-ordination between business functions involved in compliance are preventing UK businesses from using compliance as a way to build business value. So says a computer security company.
Most organisations are diligent in their responsibilities for regulatory compliance, it is claimed. However, a lack of clear direction on determining corporate best practice has meant that only 22pc of UK companies believe that they comply with the legislation they face, claims RSA Security.
Well-implemented compliance initiatives not only ensure that companies spare themselves from the severe penalties of non-compliance, but also deliver a number of key benefits to business operations, the firm says. For example, effective best practice strategy can lower the on-going cost of compliance and increase the ability of an organisation to share information with employees, customers and partners.
For organisations to reach a point where compliance is no longer seen as a chore, but a potentially valuable business enabler, greater assistance must be available to companies struggling to navigate what RSA Security calls a potential minefield.
The firm adds that it has developed an interactive tool that helps to assess a company’s regulatory requirements for information security and provides some suggested best practices that can be implemented based on specific company objectives and industry standards.
