One needs to create and implement proper internal controls to operate a business. Companies also must comply with applicable laws and regulations.
In my last blog, I talked about why a business must have a robust Governance, Risk, and Compliance (GRC) program. I joined to lead Sagitec's risk and compliance charter in 2020. We have been refining our GRC program, and we are proud of the milestones to date that we have accomplished. Here are some of them.
- Auditing: Obtaining SOC and HITRUST certification are critical elements of our programs. These frameworks help Sagitec demonstrate and highlight our security controls used to protect data. They confirm that we adhere to best practices when securing sensitive internal and customer data. While these auditing platforms are not mandated by law, SOC and HITRUST audits play an essential role in regulatory oversight, internal governance, and risk management—and they have become the standard for organizations evaluating cloud service vendors.
- Training: When employees are adequately trained and educated on compliance and its importance to corporate success, businesses can operate effectively and efficiently. Training on business laws, ethical practices, and the importance of corporate compliance must include the entire workforce. Sagitec's employee security training is vital to this process. They enable individuals to recognize security problems and respond accordingly, ensuring we have the right skills and competencies. We also encourage staff to enhance compliance knowledge through online courses on various platforms.
- Establish Modes of Communication for Administration and Employees: Communication is essential to corporate compliance, as it builds trust between the people with whom we interact. Everyone should be encouraged to ask questions regarding Sagitec's compliance program and the laws that guide it. Sagitec understands that not all situations are straightforward, and it can be challenging to make the best choices when facing complicated or unclear circumstances. While our compliance program cannot precisely describe what to do in every situation, it serves as a guide to making good decisions and navigating complex situations where the answer might not always be clear.
- Consistent Review and Evaluation of Corporate Policies: Consistent review of the laws and regulations and corporate compliance policies and procedures ensures that Sagitec remains ethical and compliant. Our standards, policies, and procedures must address all the primary areas of concern for regulatory compliance. We believe that strong and established corporate policies and procedures can help avoid the hassles and legal problems that can come with non-compliance.
- Monitoring for Compliance: Effective tracking should be in place to achieve goals. Monitoring measures compliance accurately in real-time to detect and correct violations of policies and to recognize and fix gaps on an ongoing basis. Sagitec conducts risk assessments, at least annually and when there is a change in procedures, to capture and address compliance issues.
The immediate benefits of Sagitec's compliance program include reducing regulatory, legal, and financial risk exposure while creating a significant competitive advantage. Longer term, it significantly improves our capacity to manage compliance-related risks, meet regulatory expectations, and foster an ethics-centered culture.
This culture provides the framework for all Sagitecians to act lawfully, ethically, and in the best interest of Sagitec. Clients and employees value companies with ethical reputations. This reputation signals greater transparency, reduced risk of wrongdoing, a more robust compliance culture, and future growth and success.