Every company operates with rules and regulations, which may vary by industry, geography, size or other external factors as well as internal regulations that are self-imposed in a proactive effort to improve operational efficiency.
Audits are vital to any organization for monitoring regulatory compliance and improving processes. The need to respond to a multitude of regulations and standards has led to the creation of designated positions and even departments specializing in SOX, PCI, ISO, HIPAA and more. With so many interests, functions and entities trying to reach the goal of compliance, one cannot overlook the inefficiency in both time and cost created by overlaps, redundancies and conflicts.
Leading companies are now adopting an integrated approach called “compliance convergence” aimed at reducing the compliance gaps and risk management fatigue in the business units. By creating a consistent set of processes, the company can reduce redundant control activities, eliminate duplication in the business units, drive down costs and support strategic decision making.
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The Payment Card Industry Data Security Standard (PCI DSS) Program is a mandated set of security standards created by the major credit card companies to offer merchants and service providers a complete, unified approach to safeguarding credit cardholder information...
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