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On this episode of Weaver: Beyond the Numbers, we spoke about the increasingly important topic of IT compliance programs. To provide insight and expertise was Brett Nabors, IT advisory services partner with Weaver.
There’s no question that IT compliance programs are essential to companies in any industry. Much of this intense scrutiny is due to emerging threats and cybersecurity.
“IT compliance is now becoming part of the financial statement reports because of the focus on cybersecurity risk. However, IT compliance is more than just IT security. It’s one factor. What makes it so central now to leadership is that executives can no longer be blind to what’s happening in IT. They have a fiduciary duty and must contend with regulatory requirements,” Nabors said.
This means many companies are updating their IT compliance programs, which Nabors recommended.
“There is a lot more reliance now on third parties to perform IT functions of securing and processing client data. Failure to meet control or regulatory criteria can leave an organization exposed. So, everything needs to be monitored, and there must be oversight to limit errors. Companies also find there is a direct correlation between revenue and IT processes in these situations,” he said.
The IT compliance role is also changing as the industry landscape does.
“There are multiple responsibilities for those in IT compliance. A lot of it is oversight and meeting basic security needs for the organization and compliance with things like Sarbanes-Oxley and System and Organization Controls,” Nabors said.
Get more expert advice and information from Brett about how IT compliance impacts all areas of business by listening to the podcast.
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