Business Risk Analysis, Business Impact Analysis (BIA) for Compliance

A compliance program’s goal is to keep a company safe from danger. The goal of corporate compliance programs is to guarantee that a company complies with any applicable laws or regulations.

A Compliance Program might be thought of as a type of internal insurance policy to generate evidence of compliance with rules and build a compliance culture. Remember that having a compliance foundation is a company’s strongest defense against risk and increases operational efficiency.

A Business Impact Analysis is a critical component of an effective compliance program (BIA). A business impact analysis (BIA) assists in quantifying the impact of an interruption (due to an accident, catastrophe, etc.) on vital company processes. You must perform a BIA in order to:

  1. Determine any weaknesses in current compliance agreements (whether regulatory like HIPAA, GDPR, or CMMC).
  2. Ensure that cyber liability insurance plans and other IT compliance standards specific to your business, industry, area, and so on are followed.


Conducting a BIA for Compliance

There is no set process for conducting a BIA. It differs from one business to the next. However, in order to achieve compliance, a BIA must:

  1. Determine the important processes and functions.
  2. Create a company recovery road map.
  3. Determine the interdependence of resources.
  4. Monitor the flow of sensitive data.
  5. Ascertain the effect of an occurrence on operations.
  6. Sort processes and functions according to their importance to business continuity.
  7. Determine your recuperation time needs.
  8. Determine the impact of an interruption on compliance.

To get started, use challenge questions like:

1. What actions do you need to do right now to become compliant?

This inquiry must aid in identifying compliance deficiencies that require immediate action. Here are a few examples of frequent compliance gaps you may encounter:

  • Improper firewall management
  • Inadequate documentation of sensitive data flow
  • Poor incident prevention tactics
  • Failure to document preventive measures

2. Do you have a data governance strategy in place that takes into account your organization’s compliance requirements?

An effective data governance plan guarantees that data is adequately maintained, allowing data management to be compatible with internal/external norms and regulations.

3. How long will it take to close identified compliance gaps?

Filling compliance gaps as soon as possible is critical. If you fear it will take too long, consider outsourcing your compliance needs to a managed service provider (MSP) like us.

4. Do you have an expert in-house?

If your company employs a compliance professional, they will be able to manage the compliance gaps effectively. Finding in-house knowledge is so critical.

5. Even if you have in-house knowledge, can the task be finished in a reasonable amount of time?

If fixing compliance gaps takes too long, having in-house knowledge won’t be much value. The longer problems go unsolved, the more likely it is that vulnerabilities may lead to data exposure and loss events, as well as regulatory fines.

6. Does it make sense to work with a partner to achieve your compliance objectives?

It is sometimes more convenient for your organization to have a partner who can successfully manage your compliance-related difficulties. Through the collaboration, vulnerabilities may be addressed considerably more quickly, lowering the probability of your business incurring non-compliance-related fines.

Aside from completing or updating your BIA at least once a year, you must also guarantee that regular risk assessments are part of your non-compliance hunting approach. Using BIA in combination with risk assessments guarantees that nothing falls out of compliance accidentally.

Regular risk assessments aid in detecting, estimating, and prioritizing hazards to an organization’s people, assets, and operations. It is important to note that, whilst a risk assessment informs you of the dangers that your company confronts, a business impact analysis (BIA) assists you in understanding how to swiftly get your company back on track after an incident in order to avoid severe consequences.


Collaboration Makes Launching a Compliance Program Easy

We can assist you whether you are just getting started or have already taken a few steps toward building a compliance program. With our extensive expertise and experience, a skilled MSP partner like us can assist you in the following ways:

  1. Create and implement a strong compliance program.
  2. Conduct an in-depth BIA
  3. Using risk assessments, you may increase responsibility to compliance program requirements.

Contact us now to learn how we can help your organization tackle compliance.

About Biztek Solutions, Inc.

Since 2006, our core value has been to provide the highest level of client satisfaction when delivering IT support for client networks, computers, servers, and cybersecurity. We are the #1 IT support services and consulting firm in Riverside and service clients throughout the Inland Empire, Los Angeles, Orange County, and the surrounding areas.

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Biztek Solutions provides IT support services to the following locations: Riverside, Corona, San Bernardino, Rancho Cucamonga, Ontario, Fontana, Chino, Moreno Valley, Redlands, Temecula, Los Angeles, Pomona, Pasadena, Chino, Anaheim, Irvine, Fullerton, City of Industry, and all surrounding areas.