XaaS Journal

Compliance as a Service offerings are often designed for businesses in industries such as healthcare, banking and retail that are required to comply with regulations governing their use of IT. Compliance as a Service can include any number of solutions including security, patch management, encryption, backup and disaster recovery, and physical security. In addition, the provider may offer services such as risk assessments, monitoring and reporting, audits, certifications, and consulting.

Why It Matters to Your Customers

Businesses are focused on providing the best, most competitive products and services to their customers. Healthcare providers, for example, are primarily concerned with providing excellent patient care resulting in the best possible outcomes, and merchants focus on loyalty-building customer experiences. Compliance, although undeniably important, may not get the attention it needs. Businesses may view complying with regulatory requirements simply as boxes to be checked before an audit, rather than maintaining compliance on an ongoing basis. This can leave a business vulnerable to cyber attack and data breaches — as well as the costs and damage to their brands that result.

Why Compliance as a Service is an Opportunity  

Examples of highly regulated industries and regulations that can benefit from Compliance as a Service offerings include Health Insurance Portability and Accountability Act (HIPAA) compliance for healthcare providers, Payment Card Industry (PCI) compliance or EMV compliance for merchants, or SOC 2 compliance based on American Institute of CPAs (AICPA) standards. As you provide solutions and services to a specific industry, you will broaden your understanding and expertise of the regulatory requirements such as these. Use this expertise to expand your business. You may be able to pursue a certification to validate your ability to provide compliant solutions for your target industry.

You may also find that a niche you specialize in is governed by regulations that require detailed record keeping and auditing. Although the regulations aren’t necessary aimed at the IT environment, you may be able to create a unique offering that automates processes, saves time and improves accuracy — as well as differentiates your business. For example, you may be able to help manufacturing clients comply with OSHA regulations, liquor stores or cannabis dispensaries comply with record keeping and reporting requirements, or nonprofit organizations comply with grant funding reporting requirements. All will help you increase the stickiness of your relationship with the client and solidify your role as trusted business adviser.