In some industries, staying up to date with regulatory changes can be a daunting task. The TRRI, a global regulatory tracking agency, received 57,398 regulatory alerts last year - an average of 220 updates per day. Compliance officers typically spend 15% of their week tracking these changes, and that number is likely to increase. According to the TRRI, 71% of companies expect the amount of regulatory information published by regulators and exchanges to increase in the coming year.
For law firms and other organizations in regulated industries such as health, financial services, and legal services, managed IT services can provide the resources and experience needed to stay compliant with industry regulations. Managed service providers (MSPs) can configure and manage IT environments that meet compliance requirements, while also expanding the capabilities of internal IT staff. When selecting an MSP, it's important to invest in a solution you can trust. Otherwise, you risk incurring the cost of switching providers.
An MSP should also provide ongoing monitoring and management of networks, as well as quick implementation of security measures when needed. Managed IT services can help your law firm stay compliant with ever-changing regulations. By partnering with an MSP and creating a robust risk assessment framework, you can ensure that your employees are following the correct regulations and avoid the repercussions of breaches. An MSP will also reduce the time needed to respond to security threats and allow your internal IT staff to focus on business-critical projects that help your company provide the best legal services to your customers.