Regulatory Compliance
The Challenges:
Organizations everywhere are subject to increased regulations these days. There's Sarbanes-Oxley, Basel II, HIPAA, and European Union (EU) directives for telecommunications and payments. Also, the International Organization for Standardization (ISO) creates international standards that often become law requiring companies to update their business processes. It's not a question of if you will comply with the regulations as failure to do so can mean fines, loss of business, or worse. The question is how will you ensure regulatory compliance.
To achieve compliance with most regulations, there are a few must-haves. First, your business needs an accurate and timely flow of internal, customer and partner information and activities. Disparate systems must be integrated with minimal latency and high data quality. You must have tools that monitor, manage and respond to events. For example, the Telecommunications Act of 1996 requires local telephone companies to share information with competitors in a timely manner or face regulatory fines. So the IT requirement may be to send data to external systems, monitor and log its receipt and report if there are any exceptions.
The Solutions:
Progress Software provides the following solutions designed to help your organization comply with various government and industry regulations:
