As compliance professionals know, the regulatory landscape is constantly changing. As soon as one regulation is complied with, a few more pop up to take its place. It takes a huge effort just to keep up with hundreds of new or updated compliance regulations, standards, and guidelines with their hundreds of redundant, overlapping controls.
How many upcoming requirements will your organization face in 2018? On Oct 19th, Rsam did a joint webinar with Unified Compliance called, “Advance Your Compliance Strategy”. As part of the webinar we performed a survey on the more than 150 webinar registrants.
Here are some of the poll results:
How many different regulatory requirements must your organization address?
37% said more than 10
How many more regulatory requirements will you need to follow in the next three years?
Less than 20% said none. Over 40% said more than 3
Do you have an existing COTS compliance platform?
This was split almost exactly down the middle.
How many staff members are dedicated to IT Compliance
55% said less than 3. 9% said more than 20.
As we look to 2018 and beyond, it’s apparent that many organizations are anticipating an increasing list of regulatory requirements. By the end of May 2018, GDPR will officially be enforced and affect all organizations that handle personal data of EU residents. The only exception will be small businesses with some caveats. Article 30, of GDPR, defines small businesses as an organization with less than 250 employees. So if that doesn’t apply to you, and you have business dealings with parties in the EU, you’ll need to add GDPR to your growing list of new compliance and regulation requirements.
What is your strategy for keeping pace with new regulations?
If you’re interested in watching the webinar “Advance Your Compliance Strategy with Rsam/UCF Integration” you can attend the on demand version here.