With an increased demand on digital assets, presence, and prowess, today’s businesses know the importance of effective cybersecurity, and that of course includes an increased emphasis on compliance and standards.
Navigating regulatory requirements can feel like a complex process, but transferable compliance has emerged as a strategic asset, allowing businesses to leverage existing certifications towards achieving new ones.
This kind of cross pollination means that work you’ve already done on existing standards can be reused across new standards, allowing for consistency and control without the need for duplication. For example, a complete ISO 27001 project covers roughly 65% on SOC 2.
We’re going to take a closer look at the significance of transferable compliance, exploring how your business can utilise its benefits effectively.
Understanding transferable compliance
Transferable compliance refers to the process of utilising existing certifications, frameworks, or controls to comply with new or additional regulatory requirements. This approach not only streamlines the compliance process but also significantly reduces the time and resources needed to meet various industry standards.
The benefits to this are obvious, saving you time and effort that could be used for other projects. In fact, a study by the Compliance, Governance, and Oversight Council (CGOC) found that organisations leveraging transferable compliance strategies reduced their compliance costs by an average of 30% while accelerating their time to certification by 40%.
What’s more, these organisations reported a 50% improvement in their ability to manage and mitigate risks.
Centralised risk management
Centralised risk management plays a pivotal role in transferable compliance. By consolidating risk assessments, controls, and compliance activities into a single framework, organisations can gain a comprehensive view of their risk landscape.
This holistic perspective enables businesses to identify overlapping areas among different compliance standards, facilitating the reuse of controls and policies.
According to a recent survey by the Global Compliance Institute, 85% of compliance officers believe that a centralised approach to risk management significantly enhances an organisation's ability to achieve and maintain compliance across multiple standards.
Transferable compliance best practices
The journey towards obtaining further certifications becomes much more efficient with the adoption of transferable compliance. Here are several strategies you can employ to leverage their existing certifications towards acquiring new ones:
Intersectional analysis
Conduct a thorough analysis to identify overlaps between current certifications and the requirements of the new standard. This helps pinpoint which existing controls can be repurposed, minimising redundancy.
Documentation alignment
Update existing documentation, policies, and procedures to reflect the requirements of the new standards. Clear documentation is crucial for demonstrating compliance during audits.
Continuous improvement
Utilise feedback from previous certification processes to enhance your compliance framework. Continuous improvement not only strengthens existing certifications but also paves the way for meeting additional standards.
Training and awareness
Ensure that employees understand the relevance of transferable compliance and are trained on the specific requirements of new standards. Employee awareness is vital for the effective implementation of compliance measures.
Final thoughts
Transferable compliance offers a pragmatic and strategic leg-up for organisations seeking to expand their certification portfolio. By utilising the overlap between existing certifications, and employing centralised risk management, your business can navigate the complex compliance landscape more efficiently and effectively.
At Hicomply, we make compliance easy through ISMS software that simplifies the process, with automation tailored to your needs. From ISO 27001 and SOC 2 to GDPR, NHS DSPT, and more, it’s never been more straightforward to achieve your security goals and meet key security standards.
Hicomply offers a fast and simple route to certification across the board, without the need for complex internal processes. Save time, money, and effort, and achieve your certifications with ease. Explore Hicomply today.
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