The Value of an IT Firm That Understands Regulation in Your Sector
An increased compliance burden
The issue of increased regulation is a challenge to many businesses. The regulatory burden has been increasing; indeed, in stark contrast with the public sector slashing budgets, the powers and capability of quango executive agencies seem to have expanded.
Examples of watchdog organisations which seem to have raised their game include:
- Competition and Mergers Authority (CMA)
- Office of Communications (Ofcom)
- Care Quality Commission (CQC)
- Financial Conduct Authority (FCA)
- Financial Reporting Council (FRC)
- Information Commissioner’s Office (ICO)
- Solicitors Regulation Authority (SRA)
The actions of a few impacts many
The need for increased powers of oversight is complex; however, in examining the root causes of the global financial crisis of 2008 and the ensuing economic problems, the mechanism of regulation was found to be inadequate.
In the main, this was a problem of financial practice; but in truth, the financial system has many touchpoints with other areas of professional practice and this has had the effect of drawing in areas such as accountancy and the legal profession.
Whatever the root causes of the credit crunch and the Great Recession, it seems that the actions of a few have precipitated an increase in the compliance burden for all of those that fall within the scope.
Regulated firms take advantage of technology better with HTL Support
Significant changes to regulatory frameworks have focused on technology and the use of computerised systems for processing, storing and transmitting data. Amongst regulated companies, this has created a strong need for IT service providers that understand the impacts of specific regulatory codes.
Through its deep and sustained client engagements, HTL Support has developed the capability to provide consultancy and work closely with the compliance and technology leads in firms such as:
HTL Support solutions enable professional services firms to exploit the benefits of cloud technology by bringing together the ISO 27001 standard for information security together with the specific requirements for technology regulation.
Exploit the cloud with an IT MSP that understands compliance in regulated sectors. To see how HTL Support is able to help your firm take advantage of the cloud while helping you to meet or exceed compliance requirements and follow guidelines, simply get in touch today.
Click here to read our guide ‘The FD’s dream IT budget’.
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