Authored by Katie Feldt, Marketing Communications, ImageSoft
With a baby on the way, my husband suddenly has a newfound interest in the latest for home security. Every night before climbing into bed, he puts a heavy-duty door jam under the doorknobs of each door in the house. We also have 2×4 stopper residing in the rivet of our patio sliding door, which is only to be removed when we’re using it for BBQs in the summer. All this in addition to black-out curtains and a Ring doorbell.
Naturally, I’ve come to refer to our home as Fort Feldt – it’s a term of endearment, really.
In ordinary times, I would think this is a little much (okay, maybe it still is), but working from home has made me appreciate our many safety features. I’m more vulnerable to potential intruders, and so will our baby once she’s born – especially when we’re both napping!
With all these efforts going into protecting ourselves while working from home, it’s made me think: is everyone going to the same lengths to protect our data, especially with so many government and insurance personnel now also working remotely?
Compliance: Not a Matter of When, But How?
Since the pandemic struck almost a year ago, so many organizations have gone sustainably remote. Just the other day, I could hear cartoons playing in the background while on a call with my insurance agent. Honestly, this does not bother me – I like knowing people are home more with their families. I just often wonder who is regulating where and by whom my data is being viewed, how it’s being shared, and what steps are being taken against the widespread uptick in fraud.
With such a heavy reliance on technology to sustain our, now, contactless business operations, regulatory bodies will naturally become more stringent with compliance laws. Sadly, many legacy workflows will not have the capacity to rise up and meet this occasion – organizations everywhere, in an effort to protect both their staff and customer data, will need to rethink not only how to operate remotely, but how to do so securely and with accountability.
Preparing for the flood gates of compliance laws to usher in waves of elevated standards, many IT and business leaders have worked regulatory technology, or RegTech, into their annual budgets. Because, as the theme of Paperless Podcast episode 50 denotes, “if you don’t like the cost of compliance, try non-compliance!”
How Can I Order Some RegTech?
We all know that you can go to McDonalds on any given day, simply order a “number two,” and the workers know you want a cheeseburger meal. Likewise, you can call up your trusted tech partner and ask about case management systems, and they’ll show you entire solutions built around case management.
Unfortunately, you can not simply order a “RegTech solution” and pay at the window.
Regulatory technology refers to a host of data and workflow security options – it’s up to you to decide what kind of “regtech” options you need and want. For example, multi-factor authentication, document redaction capabilities and complete audit trails are fantastic RegTech options for meeting compliance standards, but you generally can’t place single orders for them. Thankfully, these compliant features come standard with a host of solutions that, by their pre-designed nature, are built for security.
For example, think about digital evidence management (DEM). The purpose of DEM is to provide organizations that receive insurmountable quantities of video, audio and digital photos in various file types with one central and highly secure place to store, share and replay their digital evidence – generally, the justice system and insurance agencies are top contenders.
DEM is an ideal RegTech tool for industries that work with a lot of digital data, but it’s certainly not the right RegTech tool for everyone – maybe transitioning over to castle-like Cloud storage is more for you. Your trusted tech partner should be able to identify some more catered options that meet your business and compliance standard needs based on your industry.
Honestly, I’m grateful that RegTech is packaged this way. Could you imagine having to order a case management system with a side of RegTech? As a simple person, I like having everything built into one, concise order. Anyone else who also gets overwhelmed at the grocery store because of all the various brands, flavors, cuts and costs of an item like lunch meat knows what I mean.
Earn Customer Trust
When speaking to people like my husband, the head of Fort Feldt, who prioritize security and are looking for ways to invest in it, you need to show them that you, too, care and have prioritized protection for him and his family. In the business world, this is no different: industry leaders want to know their work families, their staff and customers, are safeguarded.
More than ever, people today feel vulnerable and uncertain. Explaining your investments in their data protection brings tremendous relief and is a competitive advantage that’s value beats out price and even longstanding brand loyalty.
If you’re interested in building a robust, remote-friendly business process that both your staff and customers can trust, chat with us. Simply click the gray chat box to your right, or send us a message through our brief eForm – real people who really care will be in touch.