COMPLIANCE AS A SERVICE
How MSPs can capitalise on Compliance-as-a-Service The increasingly complex regulatory landscape in many sectors is taking up more and more of a business’ time – and means there are opportunities for MSPs to reduce the burden by offering Compliance-as-a-Service, as Luke Dash, CEO of ISMS.online, explains.
The regulatory compliance landscape is changing rapidly and navigating it has become an increasingly complex and time- consuming task for organisations globally. From sector-specific legislation to varying regional data protection laws, compliance requirements today are multilayered and multifaceted. Indeed, one survey by Coalfire revealed that almost 70% of service organisations in 2023 said they had to demonstrate compliance with at least six frameworks, spanning everything from information security to data privacy. The introduction of regulations like NIS2, DORA and several new artificial intelligence- related legislations has only intensified demands for compliance. And businesses are already feeling the heat. According to the Thomson Reuters 2023 Risk & Compliance Survey Report , the main obstacles hindering a team’s confidence in their ability to address compliance risks were cited as a lack of knowledgeable personnel, inadequate resources and poor company culture. To find a better way of managing an increasingly complex
compliance landscape, many businesses are turning their attention towards innovative compliance solutions. According to Gartner’s forecasts, legal and compliance department investment in governance, risk and compliance tools is expected to increase by as much as 50% between 2023 and 2026. Meanwhile, FloQast also revealed that 47% of compliance professionals are focused on finding a better, easier way to alleviate the burden of the legal requirements of compliance. The opportunity for MSPs For managed service providers (MSPs), this represents a substantial opportunity. With companies seeking solutions, compliance- as-a-service (CaaS) solutions are entering the mainstream, offering a tangible return on investment via a lower risk of fines, reduced compliance overheads and an improved ability to manage difficult situations such as data breaches. For MSPs, tapping into the CaaS market doesn’t just provide the chance to diversify their services. Critically, it can give such
Luke Dash ceo
isms.online
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To find a better way of managing an increasingly complex compliance landscape, many businesses are naturally turning their attention towards innovative compliance solutions.
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