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Compliance as a Service Market - A Well-Defined Technological Growth Map With An Impact-Analysis

11-23-2018 06:12 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
An increasing number of businesses such as banks, insurance, and payment card companies have to pay a hefty fine and penalties due to non-compliance with standard industry regulation. This increasing prevalence of non-compliance is becoming a costly and time consuming challenge for these businesses. It is an organization’s duty to comply with relevant laws and regulations set by the government. Regulations of one country will not be same for another country.

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Developed economies such as North America and Europe have set standard regulation in every industrial and service sector. These regulations are made in order to safeguard consumer rights and promote fair competition among industry.

However, increasing number of regulations and lack of understanding by company is leading to non-compliance of regulations. Therefore, companies need to invest heavily in compliance management to resolve this problem. Compliance as a Service (CaaS) providers formulate compliance solutions by comparing global rule library with compliance requirement given by the company.

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Cloud computing is a major area were CaaS adoption is going to increase in coming years. Many companies are using cloud computing to promote their business in effective way. Cloud computing faces potential repulse from privacy concerns, data security issues and legal stakeholders within the industry. Cloud computing should be able to address legal, privacy and security concerns as soon as possible.

The company’s role on level of compliance depends upon the level of authority it has in cloud computing services. If a company is using software as a service (SaaS) solution, the level of authority will be less compared to SaaS provider.

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