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Globally, corporate leaders are assessing how best to address the full range of risks and opportunities emerging from an increasingly stringent set of US and international corporate regulatory requirements. It is a complex challenge because the forces driving corporate compliance pressures are accelerating in importance, and how companies and government agencies elect to address compliance can have a material impact on performance.
Government, oversight committees, and standards boards are now requiring an unprecedented level of focus on critical issues specifically on data reliability, integrity and security. As regulations increase, stakeholders' demands are rising. Consumers now look far more closely than they have been at a company's privacy and data protection policies, and businesses are reaching further across global supply chains to make new demands of vendors and system integrators.
While some organizations engage only the set of capabilities necessary to ensure minimal compliance, more and more companies today are choosing to address compliance from a strategic perspective - one that mandates a proactive approach to building a comprehensive set of capabilities in security and availability that can lead to positive impacts on costs and performance.
The benefits associated with a strategic approach to compliance include, but are not limited to the following:
- Improving security while simultaneously enhancing asset availability
- Strengthening governance, risk mitigation, and compliance programs
- Enhancing performance through operational cost reductions or revenue protection
- Improving strategic positioning with capabilities such as those that can help confer competitive advantage or accelerate synergies in connection with merger, acquisition, divestment, or consolidated strategies
Achieving these benefits, requires that organizations develop a clear understanding of the domestic regulations and international standards that apply to their operations and to their industry. Compliance assessments and audits are essential to sustain the viability of a system, to avoid breaches of any law, statutory, regulatory or contractual obligations, and of any security requirements.
WCS assists organizations and government entities to conduct gap analysis and determine their level of compliance with the following specific regulatory mandates and industry requirements:
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