Expressed opinions Entrepreneur Contributors are their own.
Any leader who reads this probably has the following experience: There is a board room with a long mahogany table, where the C-suite, the VP of marketing, the VP of sales, the CIO and various board members are sitting. Things are happening in this house – difficult choices are being hashed out and strategies for the future are being created
These decisions could be related to new verticals for entry, new business lines and new standard customer profiles (ICPs) for visualization, and all parties present are there to keep their heads together and create the best approach. Marketing VP wants to ensure that this will be the best go-to-market strategy to enter the new vertical / region / business line. Sales VPs want to make sure there is enough interest and potential usage, while thinking about C-Suite ROI, and so on.
Each side must ensure that their path to this unfamiliar terrain is paved with hard ground. This means that they have the resources needed to ensure success, at least as far as their own departments and responsibilities are concerned.
Missing members very often
One category that is often omitted from this exclusive invitation list is security compliance. Companies are tasked with ensuring compliance with external (and sometimes internal) security structures and regulations, a group that is not usually at the forefront when it comes to making high-priority decisions about a company’s future. Indeed, compliance is often seen as a barrier to bypassing – a collection of annoying activities to deal with as effortlessly as possible, but failing to address compliance concerns altogether or doing so at the last minute exposes an organization to risk and despair.
Related: An Entrepreneur’s Guide to Consent
Why is consent important?
In a world where reputation and customer confidence are the key to success, it’s important to make sure that both are primitive. A compliant organization ticket that demonstrates a deep commitment to both maintaining high standards and always-improving its own data and customer protection.
And that’s just one of the reasons why it should be a priority. Properly complied with, it also serves as a powerful business accelerator. Conversely, when it is not considered at an early stage, it will probably become a business blocker.
Imagine that top decision makers have determined that a new geographical area, Australia, probably has a strong interest and need for their services / products. But to do business in this new area, the company must adhere to local security compliance standards. An important consideration is how long it will take to meet the country’s Essential Eight – Australian Signal Directorate (ASD) framework, Prudential Standard CPS 234 or other applicable standards. A game-changer for companies that fail to understand how easily (or not) the applicable frameworks can be met, hoping to quickly pivot regionally.
Another example: A company that makes microchips has decided that it wants to sell in the medical device industry. Does it have to be HIPAA loyal? What about HITRUST; How long will it take to reach these values, if they are really relevant?
Related: Making data security compliance a revenue driver
In some cases, senior management and board of directors may even abandon the plan if the cost (then compliance) to meet compliance standards is going to be higher than the business expects. For example, while the public’s choice to go or not to go may sound like a no-brainer, to do so, the Sorbans-Oxley Act (SOX) -lorded corporate records and reporting mandate must be fulfilled, which are both extremely complex and time-consuming and resource-intensive. Consumer. If companies are far from being able to meet the requirements, they may just delay an IPO.
Consciously or not, when a company takes on new opportunities, it decides to adopt new structures and often new regulations. Along with this new compliance audit comes new controls and other processes. This becomes an embedded decision, and companies must know what resources are needed and how their existing program can be optimized so that they can enter new market / vertical / business lines with less friction.
This is why compliance Of course Stay connected to business decisions and why it is so important that it has a seat at the table. Whether a company wants to enter a region, business or industry line, this is the path to accessibility.
Related: What your company gets wrong about compliance
With compliance as a key component of the decision-making process, companies can move faster while protecting the brand’s reputation and strengthening customer trust. They have a voice that is incredibly audible and worth hearing.