Continuum GRC's IT Audit Machine (ITAM) RegTech solution helps organizations and service providers slash compliance costs with its efficient, user-friendly GRC modules.
Scottsdale, AZ, March 18, 2017 (Newswire.com) - Continuum GRC’s IT Audit Machine (ITAM) RegTech solution is offering badly needed relief to organizations that are being overwhelmed by skyrocketing compliance costs, the company announced today.
In 2016, Let’s Talk Payments reported that financial institutions alone spend more than $70 billion on compliance annually. This staggering cost hampers the ability of organizations to innovate, create, and grow, notes Michael Peters, CEO of Continuum GRC.
Every dollar and hour a company spends on compliance is time and money that it cannot spend on daily operations or profit-driving innovations related to its core competency.
Michael Peters, CEO, Continuum GRC
“Compliance is not a business driver; it is a business cost,” notes Peters. “Every dollar and hour a company spends on compliance is time and money that it cannot spend on daily operations or profit-driving innovations related to its core competency.”
One of the problems, Peters says, is that many companies – including most third-party assessors – still use spreadsheets for compliance reporting. “Excel is a great program for putting together a household budget,” he says, “but it is poorly suited for enterprise compliance purposes. It simply cannot handle large, complex data sets. Plus, regulations and standards are continuously evolving and changing. Excel does not keep track of those changes. You might end up in a situation where you’re compliant with last year’s standards, but not the current ones. RegTech solutions like the ITAM automate the process, fix this problem, and save time and money overall while delivering better results.”
Through integration with the Unified Compliance Framework (UCF) database, the ITAM ensures that companies remain compliant as standards evolve, with access to harmonized controls covering numerous compliance requirements, such as FedRAMP, SSAE 16, COBIT, ISO 27001, ISO 27002, ISO 27005, SOX, FFIEC, PCI, GLBA, HIPAA, CMS, NERC CIP and other federal and state mandates. The software simplifies the compliance process with its user-friendly, self-help modules that eliminate what Peters calls “audit anarchy” and allows organizations to “go from zero to compliance” in record time. On average, Peters reports, organizations that switch to the ITAM speed up their GRC assessments and reporting processes by 180%.
Realizing that not all companies have the time or resources to handle their compliance in-house, Continuum GRC offers ITAM customers three service levels: the DIY self-help version; the Cybervisor-supported version, where organizations can call on the assistance of Continuum GRC’s compliance experts; and the full-service version, where Continuum GRC’s experts perform all the work. Additionally, there is a special service provider ITAM edition specifically developed for third-party assessors who want harness the power of RegTech to help their own clients.
“Regulations are necessary, but compliance requirements should not cripple an organization’s finances and disrupt their daily operations,” says Peters. “Continuum GRC is committed to continuously improving the ITAM to take the pain out of the compliance process.”
Continuum GRC’s primary purpose is to help organizations attain, maintain, and demonstrate compliance and information security excellence, in any jurisdiction. Continuum GRC specializes in Governance, Risk, and Compliance (GRC) cyber security solutions and is fully dedicated to global success in these disciplines.
Learn more about ITAM and why Continuum GRC is Proactive Cyber Security!
Source: Continuum GRC
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