The most effective way for an organization to get a clear understanding of its compliance efforts is through regular, in-depth compliance reporting.
Compliance refers to the reports companies create to ensure they’re complying with the industry standards, laws, rules, and regulations set by government agencies and regulatory bodies. Businesses that don’t comply are subject to regulatory penalties, including fines and imprisonment.
Compliance officers analyze these rules then establish and implement regulatory compliance programs throughout their companies. They also make sure their organizations comply with national and international regulations.
To meet every compliance requirement, organizations must proactively establish network security processes for detecting network attacks, anomalies, and other vulnerabilities that can harm sensitive corporate data.
Compliance reports uncover areas where compliance initiatives are effectively being met or where more work is needed to ensure compliance. Business executives can use this information to make better decisions about risk management, how to allocate resources, and planning for the future.
There are many types of compliance reports, including technical, financial, operational, and cybersecurity reports. Common compliance reports include those to ensure compliance with the Payment Card Industry Data Security Standard (PCI-DSS) and the well-known health care industry regulation, HIPAA (Health Insurance Portability and Accountability Act).
Preparing these reports can take hours and often days. However, automating the reporting process reduces human error and enables continuous compliance with real-time monitoring and alerts for regulatory compliance risks.