Why MSPs Should Offer Governance as a Service
A solid policy and procedure governance program can make all the difference for enterprises and organizations in highly regulated industries.
Regulatory frameworks like HIPAA, FTC, NIST, and CMMC, for example, are undeniably complex. They all require development, companywide adoption, and constant reviews and updates to ensure alignment with regulatory changes and evolving industry standards.
Minimizing non-compliance risks (data breaches, fines, reputation damage) is key, but compliance frameworks are hard work. Governance-as-a-Service (GaaS) shifts all the policy development, adoption, and assessment responsibilities from the regulated organization to a service provider, who knows exactly how to execute those tasks.
And here’s the tidbit that really matters: Compliance Scorecard enables MSPs and MSSPs to be that expert provider that companies seek. (More on that later in this post)
The Growing Demand for Governance as a Service
The digital world is evolving, and it’s generating a greater demand for GaaS. Here are a few reasons why.
Growing prevalence of cyber threats
It’s no secret that our growing interconnectedness has opened the door to cyber threats such as ransomware attacks and data breaches. In such a volatile environment, a policy and procedure governance program can serve to oversee important items, such as password or acceptable use policies, and minimize the risk of data breaches. By keeping client risk in check, MSPs safeguard both their clients and themselves from financial and reputational harm.
Growing number of government regulations
More and more governments are creating stringent data protection laws that influence the ways we manage data and implement security. In industries like healthcare, payment services, and defense, compliance is a legal obligation. Not having a governance program increases the risk of violations that result in severe fines and penalties, which every business wants to avoid.
Growing number of industry standards and certifications
Even organizations that don’t fall under HIPAA or CMMC recognize that data security compliance is a key component of success because to do otherwise comes with serious risk to the data they store and transmit. Take SOC2, for example. SOC2 certification is not mandated by any law or required by any industry, yet an increasing number of companies expect SOC2 compliance from their partners. That’s reflected in vendor contracts that include SOC2 certification as a non-negotiable requirement.
Reading tip: How Compliance Scorecard Helps MSPs Manage SOC2
Governance as a Service for MSPs: The Benefits
Teaming up with a GaaS provider gives an organization peace of mind to carry out their day-to-day work. Here are some of the reasons why offering GaaS benefits MSPs.
Build Trust
As an MSP, you already help your clients reduce risk by administering, maintaining, and securing their IT infrastructure. GaaS is just another way to help them do that. It’s an opportunity to demonstrate that you uphold the highest standards of security, and that you’re proactive when it comes to reducing risk and liability. When you become the advisor and authority on potential risks that they didn’t even know they were taking on, you build trust and create long-lasting partnerships.
Help Your Clients Reduce Costs
Governance risk management and compliance is a massive undertaking for any organization while running their day-to-day operations. Outsourcing or hiring compliance officers and data protection officers is expensive, and taking key organizational players away from their roles to develop and implement policies isn’t cost-effective, either. By assuming the tasks of developing, implementing, and reviewing the necessary policies and procedures, everybody in the organization can complete the job they were hired to do, which improves operational efficiency and reduces costs.
Distinguish Yourself in the Market
There’s no shortage of marketplace options for companies searching for an MSP. Selling GaaS is one way to distinguish yourself from the competition. Rather than simply offering technological solutions, you’re showing clients how to navigate the dynamics that govern the appropriate application of that technology. When it comes down to choosing between a conventional IT provider and one that makes interactions with regulatory bodies easy, who do you think wins the contract?
Win Bigger Contracts
More and more clients are demanding compliance as part of their contracts and, in some industries, compliance with regulatory frameworks is a must. In fact, MSPs are considered Business Associates of HIPAA-regulated organizations and are required to follow the same rules and regulations, and implement the same types of policies, as the healthcare providers themselves. If you want to land these larger, more profitable contracts, offering them a way to streamline their governance programs – and demonstrating that you’re serious about compliance and governance yourself – is one way to go about it.
Compliance Risk Helps MSPs with Compliance Services and GaaS
Compliance Scorecard is the industry’s leading GaaS platform focused on active governance. More than just a platform to store and document policies, Compliance Scorecard makes it easy to craft custom policies, and ensure they’re followed, reviewed, and updated – which are the keys to compliance and risk management.
Policy Packs and Templates
Have a HIPAA, CMMC, FTCC, or NIST client? We have policy packs for that. Our platform contains templates with built-in compliance features and clear guidance for these frameworks and more, so you’re not starting from scratch. Included in the policy packs are scorecards that tell you exactly what you need and where you’re falling short.
Easy to Use
We designed Compliance Scorecard with an easy-to-use, client-facing portal. The interface comes with intuitive features that do not require a tech genius to understand. This empowers clients to review and modify all steps of the policy process – creation, review, and approval – and streamlines those processes on your end.
Fosters Adoption
Compliance only works when everybody is on board, and Compliance Scorecard makes the adoption process simple. It helps you gather the signatures of those who need to be on board and creates awareness of how to integrate policies into daily operations.
Regular Assessment
Industry standards and regulations can change at the drop of a hat, and you have to be prepared to implement those changes just as quickly. Compliance Scorecard facilitates the assessment process, so you can ensure that your governance programs are up-to-date and relevant.
Improve Efficiency
With the entire policy lifecycle located in one place, the time and effort you put into creating, authorizing, adopting, and assessing governance policies and procedures is significantly reduced. This not only improves your operational efficiency but also helps you proactively mitigate the risks of non-compliance.
Contact Compliance Risk for More Info on Offering GaaS
The demand for governance as a service is growing, and MSPs and MSSPs are perfectly positioned to offer this service to their clients. Not only does this service build trust and valuable partnerships with your current clients, but it also sets you apart from the competition, so you can win bigger and better contracts.
Want to learn more about offering MSP and MSSP Compliance Services? Download our policy procedure playbook or contact Compliance Risk to learn more about offering GaaS to your clients.
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