The dynamic nature of today’s business environment means that Managed Service Providers (MSPs) are proactive in their approach towards cybersecurity. More organizations are becoming security focused and even outsourcing cybersecurity-related tasks. Download Case Study
Why should MSPs offer Compliance and Risk Management?
The modern-day MSP are steadily moving away from an infrastructure management solution to a comprehensive 360 business management solution. The security challenges of today have seen many clients outsource cybersecurity to protect their clients and partners. As the security industry grows, so does the need for clients to have a compliance, and risk management program. There are lots of ways clients could potentially be managing compliance and risk:
- Separate tools for both Risk and Compliance
- GRC (Governance Risk and Compliance) tool
Obviously, there are a lot of issues surrounding attempting to manage risk using spreadsheets or taking a fragmented solution approach. Providing a GRC platform as an additional solution would not only add a valuable offering but in many organisations is a necessary requirement. Much like the internet is required for businesses to operate, maintaining compliance is vital to many verticals. For example, HIPAA is a requirement within the medical vertical, GDPR is a requirement within the EU.
Questions that need to be asked when evaluating a GRC solution:
- Easy of use
- Support for multiple authoritative documents
- Support for specific authoritative documents that clients require. ISO, SOC, HIPAA, etc
- Included Audit, Risk Registry and, Vendor & Third-Party management module
- Is the solution scalable?
- Support for holistic approach
What are the benefits of offering a GRC solution?
Clearly, there are a number of benefits from adding a valuable security-focused solution to your stack; expanding client base, financial, and reducing churn through satisfied clients, as explained below.
Expand your client base by attracting more security orientated clients
By using a GRC or IRM solution like StandardFusion, your MSP is essentially able to attract more security-oriented clients. A full GRC solution will typically offer a simple way to manage even the most complex risk management challenges, making it attractive to clients that need a scalable solution.
More value for you and your clients
A complete GRC solution will improve the overall value of the services you offer. From the initial consultations for assessing how the GRC solution will meet a client’s needs to actually implementing the compliance and risk management program, the opportunities to add value for clients and receive the same are immense. Adding additional services such as consulting, will add value to your clients and provide an opportunity for expansion business.
Reduce client churn rate
All clients are unique with different compliance requirements. Having a flexible solution that can easily be tailored is essential to creating happy clients. Offering a complete solution will immensely reduce the need for them to seek elsewhere.
For instance, a client may require compliance for ISO 27001, SOC2, PCI-DSS or even HIPAA. By using a GRC tool with multi-compliance support, MSPs can provide a one-stop shop for all their client’s compliance and risk needs.
Example of how MSPs can truly simplify the complexities of GRC and IRC in one compact solution
A classic real-life example of how MSPs have offered compliance and risk management would be how Server@Work uses StandardFusion to offer clients a 360-degree view of all compliance and risk activities. In the past, Server@Work used Sharepoint and excel sheets to track compliance tasks which made things extremely difficult to manage effectively.
StandardFusion not only simplified the process of tracking compliance activities but also provided a very intuitive interface that enabled Server@Work to comply with a wide variety of regulations such as HIPAA and SOC. Not only can a GRC tool like StandardFusion support your clients but also allow you, the MSP, to manage internal compliance and attract security-focused clients by showcasing your own proactive compliance program.
From Audit, Risk to Compliance management, StandardFusion has got you covered. It completely eliminates the need for spreadsheets by offering a highly intuitive user-interface backed by an integrated threat library that makes the job of identifying risks relevant to you easy. Request a Demo today to see how StandardFusion can help you improve compliance and risk management for you and your clients.