9 Ways Trust Accelerates Revenue

Richa Tiwari8 Jun 2022

9_Ways_Trust_Accelerates_Revenue

No matter what niche your organization specializes in, building trust with your customers is a major pillar around which a business is built. 

In a world where customers are picky with who they work with, data security and privacy practices are quickly becoming a competitive advantage. Showing your customers that you take your regulatory and contractual obligations seriously goes a long way in earning their trust, while also reducing exposure to risk and liabilities. 

The traditional GRC method (Governance, Risk, and Compliance) is a long and difficult process to follow, and most companies run the risk of not being sure if they are really secure with this method, or if they ever will be in the near future. The process can be tough: endless spreadsheets, confusing data, and multiple lists of documents. 

Today, there are a host of software options that help expedite the compliance process. However, there’s a problem: Most of these only focus on the most basic compliance elements, and make it difficult for the company to achieve the highest security standards. 

A trust-based mindset is more fitting for the needs of modern companies, and seeks to demystify their security and privacy programs by using machine learning and intuitive design to automate work and produce accurate data. 

Trust is about helping companies track their security obligations, and making it the responsibility of the entire company.  

Building trust can help your business move compliance from being a cost center to one that accelerates revenue in numerous ways:

1. Security in all processes 

When going in with a trust-based mindset, measurement is key. Trust creates a path to ensure the cybersecurity of your company’s data is aligned to the business objectives, and provides continuous monitoring to ensure it stays that way. Key metrics around your Trust Program are continuously collected, and shared with key stakeholders in a secure way.

2. Fraud management

Trust improves security, as it can involve setting up algorithms responsible for investigating fraudulent activities, incidents, or suspected payment fraud. 

By automatically identifying any risk, a trust-mindset ensures the company executes the improvements immediately — without having time to cause harm to the organization. All information is reported and resolved quickly.

3. Maintain ongoing adherence with SOC 2, HIPAA, ISO 27001, ISO 9001, CSF

A trust-based mindset analyzes the company’s compliance program, and performs mapping for certifications. API-based tests are generated, so audits can be performed effectively.

Custom controls map all compliance certification requirements (i.e. SOC 2) to be quickly audited. These controls have characteristics that evidence these certifications to always maintain compliance. Another major benefit for trust based mapping is to test the controls once and satisfy many certifications which increases the efficiency of the program and allows your team to spend time on other high leverage tasks to move the needle for your business.

4. Better document management

Trust involves taking better control of all business documentation, which is different from compliance. All company records, such as transactions and payments, are made available for the intended audience in the most secure format. 

Trust can involve generating real-time reports to track the company’s current activity. Companies can then know where each document is, without worrying about physical paperwork as everything is available digitally, making all work more productive.

5. Improve company reputation

The business’s success also depends on how third parties view the company. A company that can transparently share their achievement of the highest standards of trust can ensure that the public’s perception is positive, and that prospects feel safe to interact with your brand, which is a major competitive advantage. 

Trust allows the organization to be ready to commit to new business, as the public will recognize the company’s commitment to security — and possibly attract investors as well.

6. Reduced costs 

A commitment to trust helps your company to reduce costs, as tasks can be automated when security is taken seriously and planned out properly. 

Companies with this type of protocol may have lower operational costs, as their teams do not need to waste time with time-consuming activities, and many steps can be carried out using software. A trust-based approach can involve digitizing paper intensive actions (such as risk register) into a collaborative cross team exercise, thereby driving efficiencies.

7. Small details are noticed

In a table with lots of data, the judicial team of traditional compliance can overlook data that is crucial for the company’s strategic decision-making.

Trust can involve software that increases efficiency, and allows for better visualization to ensure details are noticed by everyone in the company. Through this process, the proper adjustments can be made to maximize the bottom line.

8. Automation tools

When approaching security from a trust mindset, you can take the approach of mapping out your business and automating several elements. By using software to map out what your product is, personalized security and privacy programs can be generated. The possibilities are endless: Imagine having the ability to set up routine evaluations to follow up the evidence, auto-generate controls, and even create regular tests to ensure safety.

9. Team productivity

Aiming for ultimate trust and security as your north star can galvanize your team, and promote team collaboration to centralize all data from business, risk management, accounting and finance. This allows the team to analyze the data from a different vantage point. Collaborative work facilitates legal decision-making, as it contributes to better data delivery and greater analysis of all touch points.

So, how can you achieve trust to increase your own organization’s bottom line? Trust Management is a groundbreaking new approach for modern companies that need practical results. It is an innovation in the sector, and it helps facilitate a secure online system that can significantly increase the company’s productivity. 

If you’re ready to experience revenue generating compliance, schedule a demo today.

Richa TiwariAn industry certified professional enabling clients to achieve compliance goals in a joyful way!

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