Why Technology is Key to Your Compliance Reporting

Whether you’re a shrimp importer tracking the temperature of shipped shrimp, a nonprofit using state or federal grant funds or a healthcare professional protecting patients, it’s likely you are required to meet compliancy regulations. This, in turn, necessitates a robust compliance management plan.

It’s not enough to track compliance, you also have to be able to collect, secure and report information to regulatory entities. Tracking compliancy is particularly difficult and would be almost impossible without technology as a key tool in successfully meeting regulations.

Just like you need a CPA for tax services or an attorney for legal advice, you need a third-party IT consultant who understands how compliancy relates to your technology environment. Integrating compliancy software and specific security practices into your day-to-day operations is crucial to reporting data accurately to governing agencies. In fact, securing data is the primary objective of many compliancy laws. Compliance auditors must see evidence that policies, procedures and practices have been implemented to secure the data required by compliance guidelines.

When looking for an IT partner to manage the technology aspects of your compliancy plan, make sure they have experience and expertise in the following areas.

4 Compliance Objectives Your IT Partner Should Manage

  1. Control of your environment
    Most compliance laws require organizations to have a process to plan and manage IT risk. As a third-party provider, your IT managed service provider must also meet standards set forth by the regulator. In fact, many times a third-party IT service is required by an audit.
  • Develop strategic plan for IT plans and priorities
  • Regularly evaluate IT risks and address any risks identified
  1. Data center and backups
    An appropriate, reliable data backup and recovery processes must be part of your strategic plan. Data and file server backups are performed – and tested – to minimize the risk of lost or corrupted data. Backups should only be accessible by authorized personnel and this practice needs to be documented.
  • Provide logs and snapshots of backup intervals
  • Ensure parties that house backups have proper controls in place
  1. Information cybersecurity
    Software, data and equipment are safeguarded to prevent unauthorized access. This includes securing email, files and network information while physically protecting server rooms, offline data storage and hardware.Many compliance regulations place a high emphasis on this area as non-compliancy potentially affects many people through loss of personal information such as credit card numbers, social security numbers and health information. Information security reaps a high number of legal infractions and fines.
  • Develop and implement information security policies
  • Document employee changes including processes for removing and issuing user accounts
  • Proof of IT password policies and practices being followed
  • Inventory of security controls in place such as firewalls, routers, intrusions detectors, etc.
  • Conduct vulnerability assessments
  1. Change management
    A centralized change tracking system ensures that any organizational application, database and operating system changes have been approved and are being managed in conjunction with compliance regulations.
  • Formalize policies to manage changes
  • Maintain a list of system changes
  • Provide supporting documents to prove system changes have been authorized

As your company’s Chief Information Officer, DiamondIT is your partner in meeting compliancy tracking, remediation and maintenance requirements. Don’t let industry or governmental regulations stand in your way of success. Our team is ready to help – Contact us online or call 877-716-8324.

4 Reasons to Include IT in Your Compliance Management Process

Regardless of the industry you’re in, most businesses have regulations and requirements they have to abide by, making compliance an essential part of being successful.

The cost of maintaining compliance

The cost of regulatory compliance averages $12,000 a year for most small businesses, says the National Small Business Association. For new businesses, direct and indirect costs to stay compliant in the first year top $80,000.

Of course, the cost of non-compliance can be much steeper. HIPAA violations range between $100 to $50,000 per violation or record with a maximum penalty of $1.5 million per year, and Sarbanes Oxley fines are up to $5 million and 20 years in jail. Regardless of the monetary cost of non-compliance, loss of production and reputation may take a higher toll on your business.

The rules that regulate your regulation

From Food and Drug Administration and the SEC to OSHA regulations, businesses ranging from healthcare, finance, agriculture and energy face complicated rules – and the number of rules are ever-increasing. In 1960, the U.S. Code of Federal Regulations was about 20,000 pages; today, it has over 185,000 pages – an 825 percent increase!

Tracking is an important component of managing compliance. Whether you’re an importer needing to trace your product from point-of-origin to point-of-sale or an oil producer tracking equipment parts from the manufacturer, the success of your business (and, often, the safety of your customers and employees) are dependent upon your ability to meet tracking requirements.

The sheer complexity of being compliant makes it necessary to use technology to meet requirements.

As with many government programs, compliance programs tend to be complicated and time consuming. Integrating compliance tracking into your culture is not as simple as reaching out to colleagues to borrow a spreadsheet. An experienced, professional IT managed services provider is the best resource for implementing a seamless, automatic tracking system into your regular operations and existing technology.

As your personal Chief Information Officer, DiamondIT helps you manage compliance tracking projects:

  1. Help evaluate and select the best software for compliance tracking
    New software can be problematic if your IT provider hasn’t inspected it to make sure it will work with your existing resources and to assure that it does what it says it will do. DiamondIT works with you to evaluate the software that will work for your current systems.
  1. Ensures hardware requirements are in place
    New software may have different hosting requirements than you have in place. DiamondIT ensures that your new software is compatible with your hardware.
  1. Advises on ways to integrate the app into your day-to-day operations
    Don’t make the mistake of purchasing software without knowing whether or not it will integrate into your operations. Software vendors often don’t look past their own apps to see if the new app will integrate with your existing infrastructure.
  1. Monitors your system
    Lapses in compliance tracking can lead to messy audits when the government comes calling to inspect your compliance management. An MSP monitors your systems to ensure your software is up-to-date and functioning optimally.

Don’t end up with a compliance tracking system that fails to meet your needs. Let Diamond IT help you address your compliance needs so they are effective and fit into your current technology environment.

With Gas Prices So Low, Oil & Gas Firms Cannot Afford to Continue Without VoIP

The sustained low prices of oil may be great for consumers, but they are taking their toll on North American oil companies. The oil market has been contracting for several months, and companies are either tightening their belts or closing their doors. Gone are the days where your high-cost projects would be offset by the favorable barrel prices. According to a report from Goldman Sachs, businesses will need to cut their costs by up to 30% to maintain a profit on their high-cost ventures, with oil prices now at a sustained $70 per barrel12—and prices are expected to dip down to an average of $40 for the year.3

Welcome to the Boomtown: One Way Cloud Application Hosting Is Transforming the Oil Industry

i-Cloud-ServicesMore than 250,000,000 barrels of oil are produced domestically every month. Stop and consider that. Two hundred and fifty million barrels each and every month, right here in the United States. That’s an extraordinary amount of anything, much less a 42-gallon barrel full of a valuable and much-in-demand resource. Of course, all of that oil doesn’t immediately turn into finished goods. Different refinements and processes must take place to produce things like gasoline and plastic. That means that along the way much of this oil must be stored, sometimes in barrels but just as often in tanks and tankers all across the country and around the world. When every drop is real money, accounting for all of it is of vital importance not just to the companies that sell this commodity, but also to our society that relies on oil for so many of the things we utilize in our daily lives.

There’s a chance that at the start of your career you were working with handheld gauges and measuring sticks. Recordings would be entered by hand into a database on site and then called in to headquarters. Few industries move as fast as oil, though, and those days seem long past. Inefficiencies have been largely wiped out, thanks in large part to the cloud.