Is your organization considering outsourcing all of your compliance activities? There are many benefits to transitioning to a managed compliance solution and driving efficiencies in formal skills development. Consistent attention to compliance can feel like it will save time and decrease liability, but ultimately, it is about preparation. Before making any moves to another system, you need to know and understand what you are currently doing, what you would like to accomplish, and what we can improve during the transition. This is where the preparation will lay a solid foundation to facilitate a smooth transition. Here are some starters to consider before potentially transitioning to a new approach.
What Compliance as a Service Involves
Before anything else, get familiar with what Compliance as a Service (CaaS) means. It is not a software package; it’s a service. This is a new business support model that helps organizations govern compliance responsibilities and requirements through third-party platforms. Compliance as a service covers everything from data protection, laws, and regulations to your industry’s audits. Understanding what Compliance as a Service involves helps you avoid surprises later. It also helps everyone across several teams or departments’ stakeholders to have a manageable understanding of what is being managed externally.
Assess current compliance gaps and Risks
Take a close examination of your current internal controls and reporting protocols. What are the deficiencies? Which areas consume the most time or pose the biggest cyber risk? A gap analysis can show where you need the most external assistance, but it will also provide service providers with clarity on your specific requirements. The sooner you share and provide knowledge on your current situation, the sooner you’ll be able to integrate it and eliminate wasted work on both ends.
Involve IT and Legal Early
Your IT and Legal departments should be involved from the beginning. They will sense red flags where others may not, such as vendor-specific security gaps or limitations in vendor contracts. Involving them early allows them to formulate your requirements and set certain boundaries for external service providers. Involving them too late may lead to adjacent steps, missed steps and rework. Involving them at the planning stage allows for better decisions for the service provider and stronger implementation.
Define specific goals and expected outcomes
Don’t select a new system just to tick a box – do be specific about what you want to achieve. Are you looking to be more audit-ready? Looking for faster reporting? Looking to reduce manual effort? Capture these goals on paper from the beginning so your selected provider can offer solutions in alignment with your goals. This allows for better tracking and ultimately moving the needle in a more meaningful way. A clear vision from the start also helps staff understand the reason for the change.
Evaluate the Reputation of Providers and their Integration Capabilities
Do not be distracted by slick advertising when evaluating vendors. Look for experience, solid references, and quality technical support. Can the vendor integrate with your existing systems and processes seamlessly? Will their solutions be scalable as your business grows? Vendors that are focused on Compliance as a Service (CaaS) should provide industry knowledge and offer flexible technology solutions to resolve many types of problems. Putting the right solutions in place on the front end will ultimately save the organization headaches later and allow them to operate more securely and efficiently.
Prepare Your Internal Teams for the Transition
Whether adoption lasts will depend heavily on the preparation you provide to your internal teams. Employees have to identify what the transition is for and whether their everyday work responsibilities might shift under the new structure. Provide transparent communication of what’s expected, front-loaded but simple training, and on-demand support to begin with. When the team knows ahead of time what to expect, they are far more likely to accept the adoption and interact with the solutions appropriately. Preparation reduces confusion and apprehension once out of the gate.
Successful adoption of outsourced regulatory support starts with careful planning, consideration and preparation. From defining and understanding the model to being able to assess gaps internally, each dimension has an important role to play. Involving your legal and IT teams, defining goals, selecting a vendor are part of a solid planning process. Real, constructive preparation allows you to introduce this service as a smart business decision versus a leap of faith. Be thoughtful upfront and it will be a choice how to add value to your organization.
