For this discussion, identify the industry you will be writing about in your final paper and discuss the regulatory compliance requirements that the company has to meet and the corresponding security, privacy, and records management functions that would n
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Requirements of regulatory compliance
Organization maintains its laws and regulation with the help of Regulatory compliance to achieve the target of the business. The most relevant industry which requires Regulatory compliance is the financial industry. The development of new and effective rules should be maintained. The maintenance process is effectively done by the method. The company can increase its performance with the appropriate places. The financial industry is related to many sensitive and important data. The protection of the data can be done by the implementation of an effective strategy. The organization can avoid any kind of legal problems by maintaining the law and regulations. The process provides a strong support system to accomplish the goal of the industry. Disobeying the process is the great cause of facing the violations of the company. The corporation can maintain its level by following the rules and policies. The employee of the company gets the awareness about the importance of maintaining the rules of the company by this method. The main purpose of using the method is to secure the data of the company’s database. The financial industry can secure the customers’ data through the process. The quality service can be maintained by the company with the help of this method. The protection of the document related to the economy is secured with the specific law. The method ensures that the potential implementation of the laws. The company can utilize the positive benefits of the process. The company gets the idea to implement suitable policies in the appropriate field.
Implementation of security policies
Security of the organizational data can be secured with the help of the regulatory process. The industry of finance has many important data that should be secured by the company. The company implements some policies which are beneficial for data security. The process gives assurance for maintaining the policies in a proper manner. The process helps to avoid any kind of data breaching process (Becker, & Buchkremer, 2018). The company can secure information with the help of the security system. The security systems are included with the protocols of the company. The information can be stolen by the external and internal resources of the company. The company can secure information by providing some strong rules (Smallwood, 2019). The rule should be maintained by the employee of the company. The management of security policies can be done by the regulatory process. Integrity maintenance is an essential factor for the company’s reputation. The finance industry is standing on the faith of the customers. The customer shares their personal information with it. It is necessary to protect the information from any unethical process. Sometimes the employee of the company does some unethical practice. There is a possibility that the customer can switch over the other company (Malesky, & Taussig, 2017). Therefore the company can suffer from decreasing revenue. The strategy of the company should be aligned with the security management of the data. The perfect strategy planning enhances the customers’’ faith in the company can get the best revenue. The company also can manage all the data perfectly. Thus the process plays an important role in the industry for securing the data of the company.
Becker, M., & Buchkremer, R. (2018). RANKING OF CURRENT INFORMATION TECHNOLOGIES BY RISK AND REGULATORY COMPLIANCE OFFICERS AT FINANCIAL INSTITUTIONS–A GERMAN PERSPECTIVE. Review of Finance & Banking, 10(1).
Malesky, E., & Taussig, M. (2017). The danger of not listening to firms: Government responsiveness and the goal of regulatory compliance. Academy of Management Journal, 60(5), 1741-1770.
Smallwood, R. F. (2019). Information governance: Concepts, strategies, and best practices. John Wiley & Sons.
Discussion on the requirements of the regulatory compliance
Industries that are large in size need compliance to grow their business. The security and privacy of the industries like IT industry need to regulate the compliances more than anything. Some industries take help from the government and some are taking innovative security measures by themselves in order to apply the regulatory compliances (Smallwood, 2019). The goals and objectives of the organization and the industries are too fulfilled by following some rules and regulations and have to consider some policies to help them expand their business. This is known as the regulatory compliance by the industry. The industries should have to follow the rules and regulations imposed by the federal or state. IT industries are required to follow some laws of the international market too since they deal with the other international client companies. The reputation of the industries is attached to the following of the laws. The industries are bound to follow the laws and should regulate the compliances in the industries to maintain their reputation in the market. Management of the compliances is thus necessary for the industries to avoid the risk of the loss in the business. As a result, the revenue of the industries will decline. The companies will thus have to increase the level of security and thus have to regulate more and more regulatory compliances in the system of the industries. So, the companies or the industries are required to follow the rules and regulations to continue their business in the international and domestic markets.
Security and privacy management functions
Industries like IT should implement the security and privacy measures which will be helpful to protect the industries from any kind of risk. The management should organize and manage the security functions of the industries which are to be enabled by the organizations of information and technology industry to secure its information and data (Mikalef, Boura, Lekakos & Krogstie, 2018). The functions of the industries are to be maintained by the management for the rest of its life. To protect the data from getting compromised or disclosed or destroyed due to some unfortunate events taking place in the industry. The organization should thus have to implement the functions and privacy methods. The security management functions could be installing the antiviruses in the system of the industries. The software would be installed too in order to protect the data and the information in the industries (Mikalef, Krogstie, van de Wetering, Pappas & Giannakos, 2018). IT industries should also update the software on a regular basis so that no malware can attack the software and take control of the system of the industry. The user is allowed to access any data of the industry may end up being misusing the data intentionally or unintentionally. Thus the control of accessing the data should be limited to some employees or the management only. The management should also have the backup system to store their data and information which will be helpful in the time of crisis. The policies pf securing the data are to be implemented by the industry as well which will help the organization in making the business secure.
Mikalef, P., Boura, M., Lekakos, G., & Krogstie, J. (2018). Complementarities between information governance and big data analytics capabilities on innovation.
Mikalef, P., Krogstie, J., van de Wetering, R., Pappas, I., & Giannakos, M. (2018, January). Information Governance in the big data era: aligning organizational capabilities. In Proceedings of the 51st Hawaii International Conference on System Sciences.
Smallwood, R. F. (2019). Information governance: Concepts, strategies and best practices. John Wiley & Sons.