The federal government estimates that American businesses spend $300 billion annually to meet compliance obligations. The complex legislation driving these costs can make following the law feel like a full-time job. That’s why some businesses are turning to compliance as a service (CaaS). It helps companies meet their compliance requirements with minimal internal work.
What Is Compliance as a Service (CaaS)?
At Trava Security, compliance as a service is a fully managed solution that oversees every aspect of your compliance process. Essentially, it’s a way to pass each step in your compliance process to a third-party vendor. This partner handles everything from initial setup to ongoing management, freeing up your schedule in the process.
You’ll also get access to a team of compliance experts. They can answer questions, prepare your business for audits, and ensure you respond to issues efficiently. Trava Security can also train your employees, arming them with the knowledge and skills to turn compliance into a strategic business advantage.
The bottom line is that CaaS takes the hard work out of compliance. Instead of micro-managing every detail of your company’s operations, you’re hiring experts to do the job more efficiently.
Key Components of CaaS
If you hire a compliance as a service vendor, you’ll get support in each of the following areas:
- Compliance monitoring: Experts and specialized technology come together to ensure ongoing adherence to key regulations.
- Risk assessments: Regular evaluations identify your company’s compliance risks and mitigate them before they can hurt your bottom line.
- Policy development: CaaS teams help companies create and implement policies tailored to meet specific regulatory requirements.
- Audit support: You receive personalized assistance with audit preparation and management.
CaaS providers can also help you understand the regulatory requirements impacting your business more effectively. They can educate your team on issues like cloud security compliance standards so the average worker can start contributing to your SaaS security.
Benefits of Adopting CaaS
Violating regulatory requirements typically leads to costly fines. The question for businesses is how best to avoid these — with an in-house team or a CaaS provider. Both options have their merits, but compliance as a service has the following advantages.
Cost Efficiency
Many businesses save money by hiring CaaS providers. These companies eliminate the need for extensive in-house compliance teams and infrastructure. That leads to a leaner payroll and reduced technology costs.
Access to Expertise
With CaaS, you also get easy access to compliance experts. They can provide specialized knowledge in complex regulatory landscapes to mitigate your company’s risks.
It would be difficult to access that same level of expertise through an internal team. You’d have to find and hire someone with a very in-demand skill set. That could be a lengthy process — and would likely cost more in the long run.
Improved Scalability
Compliance needs can change as your company grows. For example, you might run a U.S.-based business that starts offering services to European clients. If so, you’d have to start following the EU’s GDPR legislation.
With CaaS, adapting to those new regulatory requirements would be as simple as telling your provider about the change. With an internal team, you might have to hire a new employee or allocate many hours of labor to the task — each of which would increase costs and stall progress.
More Time to Focus on Core Activities
Finally, your business exists to serve a specific need in the market. It’s most efficient when working on the core activities that align with its purpose. CaaS gives employees more time to focus on these tasks so they can create maximum value for the company.
Industries That Benefit From CaaS
Any company that has compliance requirements may be a fit for CaaS. But these industries are some of the most common users:
- Healthcare: For compliance with regulations like HIPAA, protecting sensitive patient details
- Financial services: To meet standards like PCI, DSS, and SOX, which protect consumer credit card data
- Technology and data management: For GDPR and other data privacy legislation
- Retail and e-commerce: To ensure compliance with key data protection laws in the U.S. and abroad
SaaS companies in each of the above sectors deal with sensitive consumer data on a daily basis. Maintaining compliance with key regulatory standards is a way to show customers you’re respecting the trust they’ve placed in your business. It’s also something you can market. Earning an ISO 27001 or SOC 2 certification can help your brand stand out from the competition.
Implementing CaaS in Your Organization
If you’re ready for compliance as a service, you can follow this three-step model to get started.
1. Assess Your Compliance Needs
First, consider which regulations your company has to follow. This can impact which provider you choose. For example, if you’re trying to adhere to the GDPR, you want a partner with experience in that area.
2. Select a CaaS Provider
Next, begin researching CaaS providers to find options that suit your needs. You can use online reviews and provider websites to zero in on a few top choices. Then, ask your remaining options for quotes or consultations to find the best fit.
Choosing the right cybersecurity partner today can save you from years of headaches and false starts. The below guide covers six important considerations to keep in mind before choosing a CaaS provider.
3. Integrate and Train
Finally, integrate your chosen CaaS provider into your business. Your partner can guide you through the technical steps. But you’ll need to train relevant personnel to ensure they know how the new partnership impacts their work.
Trava Security Makes Compliance Easier
Whether you need help following cloud compliance standards or the GDPR, Trava Security is a partner you can trust. We offer comprehensive CaaS that includes full-service support from human experts. Plus, we have a 100% certification rate and can get you audit-ready up to 75% faster than DIY options.
But don’t take our word for it. Check out our compliance as a service page to learn more. Or, get in touch for more personalized information.
References
- https://www.theregreview.org/2024/02/28/hoguet-estimating-the-impact-of-regulation-on-business/