The telecom industry is no stranger to compliance demands, with cyber security, data privacy and internal control requirements touching every corner of the enterprise. Compliance obligations have steadily increased over the years, and communications service providers (CSPs) face more challenges than ever to check every box and stay in good standing.
With that in mind, it should come as no surprise that regulatory technology (RegTech) spending is on the rise, with the market size increasing at a 52.8% compound annual growth rate now through 2025, according to Grand View Research.
Now more than ever, SaaS providers catering to CSPs need to be able to demonstrate their compliance standing — for both internal and external purposes — and comprehensive assurance reporting is the best way to confirm your company follows the latest best practices regarding security, compliance and controls.
Keeping up with assurance reporting requirements
Assurance reports have changed a lot over the past couple of decades. What began as a way to assess and verify financial internal controls has quickly grown to encompass a wide range of enterprise operations. Today, assurance reports can run the gamut from reviewing those internal controls governing data security, confidentiality and privacy (SOC 2) to checking industry-specific regulatory compliance (the healthcare community’s HIPAA and HITECH, for instance).
Until recently, such assurance reports were viewed as a competitive advantage, but they are now essential for SaaS companies that serve the telecom industry. Without that documentation to verify compliance with various standards and frameworks, decision-makers wouldn’t be able to sign off on working with a third-party provider.
Meeting security oversight needs
It’s no secret that companies face more cybersecurity threats now than ever before. Malicious actors deploy more sophisticated techniques to circumvent defenses, access systems and exfiltrate sensitive data. Given SaaS companies’ proximity to customer data, establishing security and privacy controls is absolutely paramount. Potential business partners, vendors and customers want to work with a company that they can trust to protect sensitive information and quickly respond in the event of a data breach. Keep in mind that a 2019 Ponemon Institute survey found more than half (53%) of data breaches begin with an external vendor or other third party. It pays to understand your business partner’s practices and what controls they have in place.
IDI delivers peace of mind
At IDI Billing Solutions, we understand the importance of assurance reporting and what it means for building trust with our customers. That is why we have made it a priority to continually improve and refine our reporting practices to address the latest regulatory developments and compliance demands.
Since 2018, IDI has partnered with one of the nation’s leading accounting advisory firms, Freed Maxick, to not only align our controls with today’s recognized compliance standards and frameworks, but anticipate how our processes will need to evolve to meet future requirements.
We continue to invest in the people, processes and technology that drive compliance across the entire organization and ensure a robust assurance reporting roadmap that is aligned with the specific needs of our customers. Download our latest white paper to find out more about the ongoing importance of assurance reporting, and how IDI can help deliver peace of mind.