IT Budget Tips: Relief Strategies to Beat the Budget Crunch
A solid IT risk and compliance program will lower costs, reduce risk and permit consistent compliance. With better security, lower audit burden, improved leverage of IT resources, faster decision-making and business process optimization, companies can gain some recession relief.
Budget Relief Tip #5
Streamline control testing and remediation efforts.
Regulatory compliance depends upon the continuous monitoring and enforcement of thousands of IT controls. IT risk and compliance solutions can help companies quickly detect and assess control violations by automating testing, correlating and communicating controls results to the owner(s) of the business risks.
Budget Relief Tip #6
Eliminate the process overlap.
Large organizations typically must comply with multiple regulations each with independent processes, metrics, and audit procedures, and overlap across compliance teams is common. Compliance automation tools can help to eliminate redundancies, improve the consistency and quality of risk data, save time and reduce the demands on managers.
Budget Relief Tip #7
Focus on the most critical issues first.
It can be difficult for companies to prioritize the criticality of control violations across a broad range of assets. Having a single analytic solution that correlates data across disparate infrastructure, regulations, frameworks and controls allows businesses to focus on the most critical issues first and avoid unnecessary spending.
The Secret to Thriving in Chaos: Be proactive. Act intelligently.
In every down economy there are opportunities to excel while others stand still. Companies who make the transition from the current threat and compliance-driven business climate to a performance and risk-driven business process will be more resilient when new regulations are enacted and better positioned for success when the economy rebounds.
Companies can expect a well executed IT risk and compliance program will pay dividends in lower costs, reduced risk, consistent compliance, and even better morale.
With better security, lower audit burden, improved leverage of IT resources, faster decision-making and better optimization of existing business processes, companies will find themselves well positioned to gain relief from the current budget crunch and build a strong foundation for future growth initiatives.
Sara Gates is vice-president of strategy for Agiliance Inc., a provider of IT governance, risk and compliance management products.
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