An increasing number of businesses such as banks, insurance, and payment card companies have to pay a hefty fine and penalties due to non-compliance with standard industry regulation. This increasing prevalence of non-compliance is becoming a costly and time consuming challenge for these businesses. It is an organization’s duty to comply with relevant laws and regulations set by the government. Regulations of one country will not be same for another country. Developed economies such as North America and Europe have set standard regulation in every industrial and service sector. These regulations are made in order to safeguard consumer rights and promote fair competition among industry. However, increasing number of regulations and lack of understanding by company is leading to non-compliance of regulations. Therefore, companies need to invest heavily in compliance management to resolve this problem. Compliance as a Service (CaaS) providers formulate compliance solutions by comparing global rule library with compliance requirement given by the company. The company then implements this solution in order to transform its organization goals as per the regulation. CaaS provider offers alert and resolves any warning generated due to non-compliance of regulations. Thus, companies can decrease the effort and cost needed to formulate compliance solution.
Cloud computing is a major area were CaaS adoption is going to increase in coming years. Many companies are using cloud computing to promote their business in effective way. Cloud computing faces potential repulse from privacy concerns, data security issues and legal stakeholders within the industry. Cloud computing should be able to address legal, privacy and security concerns as soon as possible. The company’s role on level of compliance depends upon the level of authority it has in cloud computing services. If a company is using software as a service (SaaS) solution, the level of authority will be less compared to SaaS provider. While a company using infrastructure as a service (IaaS) will have more authority compared to IaaS provider.
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Thus, a CaaS provider can provide compliance solution to the company based on the type of cloud computing service. CaaS is being used in Payment Card Industry for Data Security operation. Thus, due to increasing use of payment card in ecommerce industry, the market for CaaS is going to increase in coming years. The health insurance portability and accountability act (HIPAA) has directed healthcare sector in the U.S. to implement strict compliance standard. This will help to develop good market in coming years for CaaS in the U.S..
CaaS helps to mitigate business risk and protects company brand at a lesser cost. One of the main challenge for the adoption of CaaS is organization’s hesitation in outsourcing compliance management due to security reasons. However, rising number of compliance violations and increasing regulatory environment will help to adopt CaaS across various industrial sectors in coming years. CaaS finds its application in areas of banking, financial services and Insurance (BFSI), government, healthcare, energy and utility, retail and consumer goods, education and cloud computing.
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Some of the key CaaS providers are Charles River Systems Inc, Linedata, FireHost Inc, ScaleMatrix Inc, Cosentry Inc, Cognosys Technologies, Amazon Web Services Inc, Trustwave Holdings Inc, Datapipe Inc, Accenture Plc, Dell SecureWorks Inc and Peak 10 Inc.
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