Multi-Audit Management – Now a reality
An Introduction to Compliance Auditing:
Compliance audits are evaluations conducted by licensed professionals to ensure that a company has adopted, implemented, and is following standardized laws and regulations. These also include internal organizational guidelines such as controls, operational policies, and corporate bylaws. Another purpose of compliance audits is to determine whether or not a SaaS business has conformed to the legalities and agreements associated with financial decisions, for instance accepting any form of funding.
Compliance audits, however, are not only restricted to an entity’s financial dealings – they also keep in check regulations associated with IT, data security, human resources, and quality management among others.
What do audits entail and why are they important?
Perhaps the most important purpose of compliance audits is to determine the level of professional standards at SaaS organizations. As outlined by frameworks such as SOC2 and ISO 27001, failure to follow regulations, or noncompliance with standardized guidelines can result in penalties and sanctions of varying degrees. These penalties may be valued and enforced by the corresponding regulatory bodies and the fines imposed are calculated on the basis of a set formula.
The executive teams at SaaS organizations are responsible for inculcating a culture where employees fully understand and duly follow the company’s guidelines/code of conduct. Therefore, it is usually the board of direction or the governing bodies of companies that are held accountable for noncompliance.
Compliance audits can be conducted in various different ways such as through internal auditors, CPAs, external/third party auditors, or government officials tasked with the job.
Audits are conducted to provide organizations with a set of recommendations or guidelines that should be implemented to overcome operational deficiencies, to develop a corrective strategy, and to take remedial steps towards improvement at all levels, especially areas/departments that have shown nonconformity during the auditing process. They highlight and differentiate compliant processes from non-compliant ones and help companies remain up-to-date with the latest federal regulations.
Audit Readiness and Trustero’s Continuous Compliance:
If there is a system in place that can determine a company’s deficiencies and vulnerabilities that may potentially end up under the spotlight after the audit – an organization can stay compliant every single day of the year without putting in extra effort.
SaaS businesses that adopt a continuous compliance system have a competitive advantage in the industry. This is because they streamline their way to compliance through changes in day-to-day operations rather than having to make large-scale amends right before or after the audit.
The interest of most compliance readiness partners only lies in getting entities ready for an upcoming audit, and getting them through it. Trustero on the other hand, not only helps companies achieve compliance and the framework certification they require, but also empowers them with all the tools, controls and information needed to stay compliant. This is called Continuous Compliance. It helps organizations:
- Defend daily against the fundamental risks that compliance frameworks are meant to address.
- Answer compliance questions with hard evidence any day of the week.
- Establish a compliance culture that considers relevant controls in any business decision easily, efficiently, and proactively.
- Leverage the power of a contemporary cloud-based AI tool that streamlines compliance efforts through automation and optimization.
Multi-Audit Capabilities – Why Trustero stands out:
Trustero’s sophisticated, fully integrated AI Compliance as a Service platform has made multi-audit and multi-framework management a reality. The platform is a torchbearer for multi-audit capabilities that allow for efficient cross-framework control management and framing – something that may not have been considered a possibility before. Trustero’s Golden Controls form the basis of this capability which equips companies with all the support they need to achieve end-to-end compliance.
With Trustero, SaaS companies can breeze through multiple audits with the failproof Golden Control Set all the way from ground zero, to approval certificates and beyond. Correctional, remedial changes in day-to-day operations can have a remarkable impact on the success chart of an organization. The platform is designed to enable companies to cover multiple frameworks within a single audit period, making the entire process faster, easier, more cost-effective and less stressful than ever before.
If you wish to learn more about the benefits of implementing CaaS, and how Trustero can streamline your company’s compliance journey, you can sign up for our upcoming webinar or book a demo today!