Does thinking about compliance fill you with joy? Are you ready to tackle your compliance issues head on and really get stuck into the topic?
No?
I thought not. It’s fair to say that compliance has something of a bad rep. Chances are you’re currently picturing a long, tedious project that will get right in the middle of your business growth plans. Oh, and that will pull resources away from your key operations while also costing a princely sum.
Before I worked on compliance at Tyk, that was pretty much my impression of it too. But with various compliance certifications now under my belt, I’ve come to see just how valuable – and how exciting – such projects can be. Let me walk you through my thinking.
Regulatory compliance
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance refers to organisations’ efforts to comply with the laws, policies and regulations that are relevant to their area of work. These rules may be issued by a government agency, a specific governing body or a certifying entity.
The regulations you need to comply with will vary depending on the industry you operate in and the nature of your business. They include ISO, PCI DSS, SOC 2, HIPAA and many others.
At Tyk, for example, we are ISO 9001 and ISO 27001 certified. These certifications demonstrate our commitment to quality management systems and information security. They show we aim to stay on par (at the very least!) with industry-defining compliance standards.
Benefits of regulatory compliance
Over the last few decades, the number of laws and regulations has increased dramatically. Compliance isn’t just for financial institutions or healthcare organisations anymore. It now touches every industry and has become a vital part of evidencing a company’s commitment to upholding high standards.
Compliance is so much more than a tick box exercise. Did you know that the right compliance approach can help to protect your business, increase customer loyalty, provide competitive advantage, improve efficiency and even enhance your internal culture? This is why Tyk gets so excited about supporting our users’ compliance objectives!
Protecting your business
Regulations are in place for a reason – they help protect businesses, their customers and their employees. Failure to adhere to these regulations can open huge risks, way beyond warnings and fines. Certifications help to protect customer data, ensure the right processes and procedures are in place, deliver adherence to industry standards and maintain transparent financial practices.
Customer loyalty
Customers – current and prospective – can trust companies more when they know that they have appropriate standards in place. At Tyk, for example, they can see at a glance that we will protect their data and deliver consistently high-quality services, all thanks to our compliance certifications.
People everywhere are concerned about their data. About how it is collected, stored, processed and used. As such, companies have a responsibility to show them that we value their privacy. And one of the best ways to do so is by complying with relevant information security certifications.
Competitive advantage
Complying with the regulations that are applicable to a specific industry can give an organisation an advantage over the competition. It can help with marketing and branding. It also makes it easier for commercial teams to take the company’s products out into the world and give customers confidence that those products are reliable and trustworthy.
Better internal culture
A compliance certificate can help establish a positive internal culture too. All employees have to undergo training and education as part of the certification process. This ensures that they understand the risks their company faces and how to prevent them. It’s a way of taking the entire staff team on a journey together – one that reinforces the importance of the standards in question.
Improved efficiency
Compliance drives efficiency. Efficient processes and efficient procedures. This helps to protect customers, employees and business interests. Compliance strengthens controls, frees up resources and allows the organisation to focus on achieving business goals.
Is it time to tackle compliance?
Have we filled you with excitement about your compliance project’s potential benefits yet? Obtaining the compliance certification(s) you need can be an empowering process for your organisation. So embrace the task ahead and see how many improvements you can drive along the way!
