Let Us Guide You Through Your InfoSec & Compliance Journey.
Learn how to use the Compyl Platform.
Watch all Security Session Episodes
Real-world stories on how we help our customers.
Compliance is a fragile thing, and entrusting it to the wrong person can spell disaster. For that reason, many organizations prefer to manage it internally, but there are actually several benefits of outsourcing compliance. So is outsourcing right for your business?
There are pros and cons to everything. Whether you choose to outsource compliance management or handle the process internally, expect to hit a few roadblocks along the way. That being said, many businesses find that outsourcing is the better option. Here’s why.
While it may be hard to believe initially, outsourcing compliance can actually save you money in the long run. Maintaining an in-house team dedicated solely to compliance can be expensive, especially for smaller companies. Hiring and training employees can easily set you back hundreds of thousands of dollars.
By outsourcing with a cost-efficient provider, organizations can scale back on some of these expenses. Consider all that goes into maintaining a strong compliance program––the tools, the systems, the procedures. When you choose to outsource, your provider handles all of that, limiting the amount you have to invest in your own infrastructure.
The compliance landscape is constantly shifting, and staying on top of things can definitely feel like a full-time job. Outsourcing allows companies to redirect their attention to more pressing matters, boosting operational efficiency and freeing up resources for other initiatives.
Business growth often correlates with greater regulatory scrutiny. As your compliance needs evolve, you may find that in-house management no longer suffices. A third-party provider can more easily expand to meet your needs, offering support that adjusts with your organization.
For example, some businesses are busier at certain times of the year than others. During those busy periods, it might not make sense to invest significant time and resources into an in-house compliance team. This level of flexibility can be especially beneficial to companies with fluctuating compliance demands.
Want access to the newest, shiniest compliance toys? Then consider partnering with an outsourcing provider. They offer the latest advanced technologies, including compliance monitoring tools and workflow automation, to help make your life easier.
In a way, it’s like renting. Rather than having to purchase a new tool, you can pay to access it through a third-party provider. That way, if you end up disliking it, you can simply stop using it or discontinue working with the provider. Always best to try before you buy.
Outsourcing providers often act as intermediaries between clients and regulatory authorities. When things go wrong, they can help soften the blow, so to speak, advocating for companies and negotiating business matters. Working with an external provider can also demonstrate a stronger commitment to compliance––it shows a willingness to address gaps in your own knowledge and skill set.
Speaking of specialized knowledge, one of the greatest benefits of outsourcing compliance is that you get access to the latest industry expertise. As much as we like to pretend we know it all, odds are there’s someone else that knows a lot more, and by pooling your knowledge with an external provider, you can transform your compliance strategy.
Say you’re a healthcare company that needs to comply with PCI DSS. Your team may not know much about the financial services landscape and cardholder data best practices. In that case, they could benefit greatly from working with an outsourcing company that specializes in PCI compliance.
Compliance management providers are experts in data protection. They understand the ins and outs of compliance and can help you navigate complex regulatory environments. Strong data security can help you avoid costly fines like the $40,000 maximum penalty imposed per violation of the FTC Act or COPPA.
Your provider may be able to spot critical security flaws in your system, highlighting vulnerabilities that you would have otherwise overlooked. They can also help you improve your security posture so that you’re better suited to tackle any future data breaches.
Greater transparency and accountability are two notable benefits of outsourcing compliance. When managing compliance in house, there may be a tendency to sweep glaring issues under the rug and hope they magically disappear. But third-party providers are bound by contracts and strict regulatory standards that ensure transparency.
By partnering with a reputable compliance provider, you can rest assured that your systems and processes are in good hands. Should things go wrong, they can provide detailed documentation outlining your compliance efforts and showcasing your commitment to aligning with relevant laws and regulations. This oversight is invaluable for businesses that take compliance seriously.
At the end of the day, the choice between outsourcing compliance and managing it in house is completely up to you. However, there are a few drawbacks to managing it on your own:
If you want to avoid setbacks like these, it may be best to work with a compliance outsourcing provider. They can equip you with the tools and expertise you need to succeed, keeping everyone aligned on compliance objectives.
If you’re seeking a trusted compliance provider, look no further than Compyl. Our unified, flexible GRC platform is capable of handling your compliance management needs, offering full visibility into your processes. With frameworks spanning PCI to HITRUST, we help centralize compliance to help maintain a consistent view of your efforts over time. To learn more about the benefits of outsourcing compliance, contact us today and see what we can do for your team.
