People don’t do compliance out of the goodness of their hearts, they do it to drive sales.
In order to build a successful business, you need to generate sales — and to do that, you need to build relationships with your existing customers as well as with prospects. Proving that you have upheld certain security standards to safeguard the data they entrust you with will always be an essential element of your success here.
An organization needs to implement multiple controls around safeguarding customer’s data which includes production systems, sales processes and financial systems to ensure security. Organizations can choose the checkbox approach to security or implement it correctly and use it as a competitive advantage.
Doing just the basics to be within the regulations is not a differential (and can actually put an entire organization at risk), more is needed.
GRC Will Not Increase Sales
Governance, Risk, and Compliance (GRC) have been implemented by many organizations for several decades now. It’s a traditional approach to helping organizations with a traditional, check the box compliance approach.
This method attempts to do the absolute basics to ensure your processes and controls adhere to a framework. It does not take into account your native business requirements and needs. GRC has resulted in the creation of a culture wherein specific experts hold all of the necessary information and strategies for success, and only deliver them through expensive consultancies.
If a company is adept at GRC, it can still be harmed by security vulnerabilities that could have easily been resolved with a better approach — a focus on achieving maximum security (trust). The objective here is to help the company understand which parts of the business may be most vulnerable. Additionally, it allows the company to put measures in place to address it, and make this an enterprise level goal; rather than make it a task for a select few.
Showing a certificate that designates that your company cares about compliance is not a competitive advantage, it’s just meeting the basic requirements. That’s all GRC can provide you. You can show a bunch of static policy documents, and might even be able to show some controls in place, but that’s about the extent of it.
Trust Management is the Modern Solution to Accelerate Revenue
Compliance is slowly becoming an outdated measure. Since customer confidence is key for driving sales, Trust Management is a novel approach that can help your business tremendously, through transparently and accurately displaying your commitments to information security and privacy.
Trust Management ensures that your company doesn’t just get caught up in a simple certificate of compliance. The customer needs to find a way to trust that your business will primarily protect all of their data. To earn your customer’s trust and drive sales quickly, you need to:
- Provide tangible artifacts as proof of controls implementations
- Demonstrate transparency in all your processes
- Maintain a good reputation with existing customers, without fail
With a Trust Management approach, you can analyze information in advance with accessible data and infographics. Machine learning tools can automate work (such as rapidly filling out security questionnaires) and produce accurate data to ensure that nothing goes unnoticed.
Trust Management can ensure that all processes and systems involved are mapped with data in an overview panel that is easy to access for everyone on the team, in entity diagrams and charts.
It allows you to identify the dependencies between your systems, processes, and people — which is a powerful tool to understand the complexities of the environment. With this, you can equip all employees within your organization to take charge of how their actions impact the security commitments made to customers.
After all, when it comes to information security, human error is commonly the main factor behind a security breach. The more transparent and open we can be on the security commitments required of each individual, the easier it is to maintain a formidable security posture.
Revenue Generating Compliance is the Future
Unlike GRC, with Trust Management you can ensure that nothing goes unnoticed. It is possible to create an ongoing overview of all relevant data. This can also help provide information for better business practices. Why go for the small fish if your company data has shown you have the ability to catch the biggest fish in the sea?
Software can create automatic tests to ensure that the obligations are in accordance with all of the necessary stages, and personalized privacy programs can be generated as well. It’s a demystified and accessible way of building trust for companies, and allows them to achieve maximum security with ease. Since everyone on the team becomes responsible for the trust and good practices of the company, it can create a more collaborative and participatory culture as well.
Check the box compliance is out. Revenue generating compliance is in.
Bottom line: When choosing between two similar companies, a deciding factor will always revolve around reputation and reliability. Trust Management is a modern system that provides practical results, and can increase sales as it facilitates a company’s strategic decision-making. If you are looking to get started, we’re happy to show you a demo today.