Technology is not a regulatory compliance cure-all, but it does play an important role in compliance efforts. Technology enables the automation of processes that can otherwise cost companies time and money, as reported by SearchSMB.com:
In fact, according to a new survey of 132 finance and technology executives by compliance software vendor ControlPath Inc., 74% said their companies use mostly manual processes, such as spreadsheets and Microsoft Word documents, to comply with government regulations. Even more grim: 70% admitted they had multiple projects in place for each regulation, even though it’s redundant. Only 25% say they’re automated.
Companies are wasting valuable resources and, what’s worse, their efforts may not pass auditors’ scrutiny the next time around. As auditors become more seasoned with SOX, HIPAA, etc., their expectations for compliance will evolve. They’ll expect to see more reliable controls, and better integration between business and technical controls. Sooner or later, an Excel doc isn’t going to make the grade.