Shield | Digitalization - The New Compliance Normal

1. About Speeding About Speeding Towards Towards Digitalization Digitalization Although the term may be in dispute; digitalization, cloud migration and digital transformation all refer to essentially the same thing. Specifically, making data and content always accessible, with reduced dependencies in the organization IT and accessible remotely from any device. One thing that is indisputable is how COVID-19 has accelerated digitalization and the centralization of content on a secure cloud infrastructure. On-premise solutions carry challenges The benefits of a centralized solution essentially articulated themselves in the wake of the global shift to working from home, seemingly overnight. Firms with in-house and on-premise compliance monitoring and reporting systems were (at least initially) unable to employ them when their employees shifted to making trades and other financial transactions from their private residences. Digital efficiencies drive cost reductions Beyond the basic provision of physical access to IT infrastructure, digital solutions also reduce the cost of maintenance. That’s the primary reason why MSPs have boomed over the last decade Cybercrime is on the rise Risk and compliance requirements never go away. Regulatory authorities have been known to offer temporary respite during financial crises, but the laws still apply. Even prior to the onslaught of the novel coronavirus, regulatory guidelines and providers like Cappitech reminded firms that they needed to be prepared. The opportunity Compliance vendors recognize the opportunity that digitalization brings for them and their clients. Expect to see augmented offerings with enhanced cybersecurity provisions and other services. Source: www.shieldfc.com Source: www.shieldfc.com Source: www.shieldfc.com