Paul Koziarz, President and General Manager of Regulatory Compliance at CSI, gave an interview related to Compliance and Security. Having spent 25-plus years in the financial services industry and previously president of Financial Technology, Inc. (FTI), a Chicago-based company that provided financial management and decision support systems to more than 2,000 banks worldwide, we feel as though he has more than a little bit of insight into compliance and its importance within a company. He spoke on the importance of an organization staying on top of their compliance program and its benefits.
Here are four quotes that we found particularly insightful from his interview:
“Besides, without a compliance framework, some organizations might not implement any security practices at all (or at least until it is too late). Organizations must constantly challenge themselves to not only remain in full compliance, but also seek ways to go above and beyond to ensure the highest levels of security.”
Reframing compliance as a matter of security is an excellent way to grasp the full idea. It is important to implement security and safety protocols within your business to protect investors, employees and clients, but it can be difficult to know where exactly to begin or how stringent to be. Looking to the compliance standards for your industry gives you a goal to meet, and, as Paul Koziarz mentions, a base-level to implement and then work beyond. Good security and compliance can only improve your business.
“Businesses have to be in a constant state of remediation and education, because today’s cybercriminals are sophisticated—and businesses have to keep step.”
We hear about security breaches every year. It is a gut-wrenching, stock-price-dropping affair that has serious repercussions for your business and everyone associated with it, from stockholders to employees. As Paul Koziarz says, cybercriminals are sophisticated, and you can’t let your business fall behind. The good news is, keeping your systems and security up to date can save you a lot of time and money in the long run, with more efficient solutions offering less down-time and more streamlined processes.
On Security Controls:
“Without [Compliance], many organizations wouldn’t have security controls in place, and there would be no consistency of standards among the protocols being used. In that regard, compliance has created a level playing field that all organizations are expected to meet when it comes to protecting sensitive data.”
Another thing Koziarz says in this interview is that compliance “is the right thing to do in today’s society.” This applies to the basic standards set across the board for compliance and security, leveling the playing field. When every business is held to the same basic standard, it benefits everyone. There are fewer worries about data being stolen or safety measures not taken. But, as mentioned above, it’s important to exceed those standards when and where you can – not only will it improve your business overall, but you’ll be favored by clients and investors over businesses who are not as stringent in their compliance and security measures.
On Cost Savings:
“You have to evaluate compliance not as an expense, but as a money saver. Sure, managing compliance takes resources, but it’s nowhere near as expensive as the costs associated with a breach.”
The upfront costs of implementing quality compliance protocols can be intimidating. It can be hard to consider the benefits of compliance when a large bill is staring you in the face. You can, if it helps contextualize the situation, imagine the even larger bill that a breach or audit would create – as Koziarz says, the costs associated with a breach are monumentous. Not to mention the long-term effects of losing the confidence of your stakeholders and investors.
Whether you need to weather a potential security breach or a potential audit, it helps to be prepared ahead of time with excellent compliance protocols. ComplianceBridge can help you company draft policies and get them into the hands (and minds) of those who need them. Contact us today for a better idea of how compliance benefits you.