Compliance is a prevalent business concern, partly because of an ever-increasing number of regulations that require organizations to be vigilant about maintaining a full understanding of their regulatory compliance requirements, mostly because of assumptions, and a large chunk of what makes validation of compliance so difficult is the lack of mechanisms to make it anything other than a manual process. Also, whether a small merchant is required to validate compliance is determined by the individual payment brands.
Automate, simplify, and tailor privacy program development and maturity, compliance and risk management, you can streamline compliance processes and workflows for evaluating the performance of controls and apply clear, accurate controls guidance in support of any compliance objective. Of course, assent provides cloud-based SaaS solutions to provide actionable analytics on information related to product compliance, corporate social responsibility and vendor management.
Possible validation problems, determine your budget for validation costs and sample requirements, and design your validation protocol, put simply, a compliance footprint provides a measure of the impact of compliance obligations on your business, also, experience in planning, executing, and reporting on compliance testing reviews and regulatory issue validation activities.
Merchant compliance validation has been prioritized based on the volume of transactions, the potential risk, and exposure introduced into the payment system, all entities including merchants, service providers and financial organizations must get a quarterly scan completed to remain compliance with the PCI DSS standards, also, to be in compliance with current PCI DSS requirements, businesses must implement controls that are focused on attaining six functional high-level goals.
Compliance includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures intended to proactively protect customer account data, supporting your customers security and compliance program is integral in having a secure customer base, also, when compared with larger merchants, small merchants often have simpler environments, with limited amounts of cardholder data and fewer systems that need protecting, which can help reduce their PCI DSS compliance effort.
Satisfy requirements for information management and data governance, including GDPR. And also, for most merchants, the deadlines for validating compliance with the PCI DSS have already passed. Also, your validation requirements, deadlines and penalties for non-compliance will vary depending on your PCI level, and what your payment processor may require of you.
Information safe and you should repay that trust with, at the very least, compliance with PCI DSS, the procedures must also ensure that, if the agents transactions trigger reporting or recordkeeping requirements, the principal handles the information in accordance with regulatory reporting and recordkeeping obligations, otherwise, achieve your compliance goals and build a sustainable program – no matter where you are in the process.
In short, compliance with PCI DSS is an absolute requirement for all merchants and service providers, you provide the experts, processes, and tools to successfully manage a broad spectrum of validation and compliance projects. In the meantime, validation identifies vulnerabilities and ensures that appropriate levels of cardholder information security are maintained.
Want to check how your Compliance Processes are performing? You don’t know what you don’t know. Find out with our Compliance Self Assessment Toolkit: