Are Regulators Creating New Opportunities for Compliance as a Service Providers?

As regulators and legislators update requirements for data protection, consumer privacy, security, and more, MSPs have an opportunity to bring new solutions to market.

Compliance as a Service

From HIPAA updates and changes, PCI DSS version 4.0 going into effect in 2024, and more states passing data privacy and protection laws, new requirements force your clients to reevaluate and look for new ways to manage their compliance processes. Compliance as a Service (CaaS) offers them a managed service that helps them stay on top of changes and put systems in place that automate many of their requirements, making it easier to avoid costly penalties and reputational damage.

Compliance as a Service offerings can include a variety of components, including backup and disaster recovery (BDR), patch management, data governance, access control, and encryption solutions offered via the SaaS model, depending on the laws that govern your clients’ industries. However, MSPs can also add value to Compliance as a Service offerings and differentiate them from competitors with their industry knowledge, skills, and expertise.

Success in the Dynamic Compliance as a Service Space

Carl de Prado of A2Z Business IT and a member of The ASCII Group, says although he can’t predict how compliance requirements will vary in the coming months, it is safe to say that managed services providers (MSPs) offering compliance services should anticipate changes, remain flexible and be ready to adapt.

Keeping an eye on new requirements will help to update or create new offerings that meet critical needs and help MSPs grow their businesses. “Compliance regulations change with new threats, market developments, and technology. CaaS providers should follow business news for new legislation, regulations, and government agency changes to meet customer demands and stay current on legal developments,” de Prado says.

MSPs must update offerings to reflect changes to existing rules, for example, how healthcare providers must share and secure protected health information (PHI) in electronic form to keep their offerings relevant.

He says to remember that even though a new requirement may apply to all businesses in a particular vertical or niche, customizing compliance options may be the best route for your clients – and your business.

“Group and business compliance rules vary. This may necessitate custom-made compliance roadmaps and rigorous evaluations,” he says.

De Prado adds, “Scalable services are essential since regulations influence small and large businesses. CaaS providers should be adaptable to satisfy clients. Therefore, they can support more enterprises and industries affected by new regulations.”

Another area that businesses need assistance with is auditing and paperwork. “New standards require documentation and audit trails,” he says. “CaaS providers assist customers in keeping proper records and preparing for government audits. This assistance helps clients comply and avoid fines.”

A Compliance as a Service company can create solutions that update documentation, keep data secure, alert the business when issues arise, and generate audit reports, saving time and keeping businesses compliant.

Compliance as a Service Innovation

While adapting as rules change will allow CaaS providers to retain their clients, CaaS companies will also find opportunities to advance by creating new rule compliance tools and technologies to address new laws.

Another opportunity to expand compliance services is in education and training. “Providers can help clients understand how new rules will affect their businesses,” he explains. “CaaS companies should offer seminars, webinars, and printed manuals. The knowledge and help that providers offer can help elevate them to the role of compliance partners with their clients.”

How Are New Regulations Creating Opportunities for Your Business?

At a time when businesses are looking for ways to increase operational efficiency and decrease their reliance on labor and manual processes, Compliance as a Service can have a clear ROI. With the solutions and services you offer for a monthly fee, your clients can focus on core business activities, confident that complying with industry and government regulations is under control.

Research the laws and regulations governing your clients and any changes on the horizon and build offerings that address this need in your market.

About The ASCII Group, Inc.

The ASCII Group is the premier community of North American MSPs, MSSPs, VARs and solution providers. The group has over 1,300 members throughout the U.S. and Canada, and membership encompasses everyone from credentialed MSPs serving the SMB community to multi-location solution providers with a national reach. Founded in 1984, ASCII provides services to members, including leveraged purchasing programs, education and training, marketing assistance, extensive peer interaction and more.  ASCII works with a vibrant ecosystem of major technology vendors that complement the ASCII community and support the mission of helping MSPs and VARs grow their businesses. For more information, please visit www.ascii.com.