In the past, most softwares had to be bought, installed, maintained, and updated in your systems. But the advent of SaaS applications has eliminated these issues, enhanced system performance, and reduced technology overheads.
SaaS compliance deals with the federal and state laws that companies using cloud services must comply with. They must comply with the laws and security standards of every country in which their business is located. Violation of sensitive client data should be prevented with proper safety restoration mechanisms in place.
Cloud-based Technology challenges for Companies
Companies using cloud services primarily face two challenges. They are as follows: –
- Terms of contract/agreement with SaaS service providers pertaining to security standards of data storage, maintenance, processing, and transmission.
- Access authorization to SaaS applications.
Solutions for the above challenges
The first challenge can be dealt with by ensuring that your SaaS provider is operating within the limits of applicable laws. In case you need help with ensuring that your SaaS provider follows all relevant prescribed safety standards and has necessary security restoration systems in case of any breach of sensitive data, approach COMPLIANCE iNBOX today.
COMPLIANCE iNBOX is a unique automated, hassle-free, and cost-effective solution for you that monitors all applicable regulatory and security requirements, organizes and audits compliance documents, safeguards compliance proofs, tracks unauthorized activity on servers through its robust tracking systems, and configures iterative workflows easily. Your compliance managers, auditors, and risk personnel can thus ensure Regulatory Compliances and licensing agreements with minimal paperwork and zero reliance on internal technology staff. Authorized access to this 100% SaaS-based solution can be easily extended to regulators who can check all compliance documentation and details online. This system is also agile enough to easily accommodate new applications or divisions when your organization expands its operations.
The second challenge can be dealt with by ensuring that your SaaS provider has a proper access restriction mechanism. COMPLIANCE iNBOX can assist you in effectively restricting authorized access permission to various entities.
COMPLIANCE iNBOX solution has clearly defined roles for various staff. It has minute details of tasks to be completed, task deadlines, and time needed to execute each task. Accordingly, user access can be granted or denied. Thus, your managers can easily delegate responsibilities to subordinates and track their progress. The solution can be customized to incorporate new job roles or redefine tasks. Restricted access adds an extra layer of safety to confidential data.
Thus, minimize your challenges by working with COMPLIANCE iNBOX which provides a single robust platform to manage your risk, governance, and compliance needs.
BA Fintech ( a joint venture between Boston Financial Advisory Group and Avanze Group) has an excellent product known as COMPLIANCE iNBOX (CiB). It is a compliance management software that integrates and streamlines the approach to compliance management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
Why not give us a call & find more about us? We are here to help you.
Also, we provide free training & support regarding the use of COMPLIANCE iNBOX.
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