What is Regulatory Compliance?
Regulatory compliance can take on different definitions according to the industry in which you are applying the policies. Since compliance means incorporating standards that conform to specific requirements, regulatory compliance is the regulations a company must follow to meet specific requirements.
When you apply regulatory compliance to IT, the regulations apply to two different aspects of company operations which include the internal requirements for IT and compliance standards that are set forth by external entities. Both types of regulatory compliance affect IT company operations and can potentially restrict what a company can and cannot do.
Company Concerns with Regulatory Compliance
When it comes to information technology and security, regulatory compliance for IT can impose added costs on company operations depending upon the industry. At the same token, the cost of not complying with regulations both internally and externally can be significantly higher in terms of fines and time invested following up on a security breach.
One of the primary issues with regulatory compliance is information security and the potential for data leaks. Although there may be policies in place, it is necessary to ensure that employees follow the policies