We often hear questions about what similar things have in common. Finding similarities is part of how we perceive and understand our world and the things within it. We compare cars, houses and even look for common traits of planets and solar systems. These are all fun and often lead to engaging conversation.
Here is one… What do CVS, Raytheon and Mass General Hospital have in common? While there may be many commonalities, the “What they have in common” we are referring to are the significant and time sensitive compliance demands that their suppliers, partners, and contractors must adhere to, and be able to prove, in order to avoid having their Contracts or Business Associate Agreements put on hold or terminated. They, like nearly every large corporation and organization in the US, are paying increasing attention to compliance within their partners and vendors. Whether it’s the Health Insurance Portability and Accountability Act (HIPAA), the European Union’s General Data Protection Regulation (GDPR), or National Institute of Standards and Technology (NIST 800-171) and International Traffic in Arms Regulations (ITAR) for the Department of Defense, the demands are serious and the ramifications for failing to comply can be devastating to your business.
Saying your business is compliant, or being “optimistic” when filling out a vendor compliance survey, is vastly different than demonstrating and proving your business has the standards, policies and procedures in place to protect your systems and data and that of your partners, clients and business associates. Thinking your business will not be the target of audit or security and compliance surveys is a dream that will eventually become a nightmare. It is far more effective and less stressful to address these issues on your terms before the fuse on the powder keg is burning.
Take control of your business and build your compliance program now. If you need guidance or a professional team to step in to address these compliance and security challenges, BostonCOMPLY can help. BostonCOMPLY can build and implement a practical compliance program customized to your business, typically in 45-90 days. We deliver the activities, trainings, and documentations necessary in a system of record for audit through our Practical Compliance Automation™ SaaS platform.
What are you waiting for? Get into compliance with all of your partner and customer requirements with BostonCOMPLY!