The Rising Costs of Compliance in the ARM Industry

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Technology has streamlined the way that business gets done in the Accounts Receivable Management (ARM) industry today.

Cloud Computing

The power of cloud computing, Software as a Service, business intelligence systems and other powerful services are now in an organizations’ hands. At the same time, the very technology that has made business operations easier also has introduced a host of business challenges—namely, state and federal compliance mandates requiring proactive management of threat potential and active protection of privacy rights.

It isn’t enough simply to employ new technologies and hope that compliance will take care of itself. Businesses must enact solid compliance practices that ensure they stay compliant with regulations and address their vulnerabilities while also maintaining consumers’ privacy and fostering positive customer relationships.

Consider the dizzying array of regulations influencing compliance within the ARM industry:

  • FDCPA
  • FINRA
  • Gramm-Leach-Bliley (GLB) Act
  • HIPAA
  • ISO 27002
  • NIST
  • PCI DSS
  • Sarbanes Oxley
  • SAS70/SSAE 16

Moreover, these regulations aren’t to be taken lightly. Enforcement is in full swing and will only intensify as technology continues to develop and fraudsters get increasingly savvy about obtaining private information.

In February 2011 alone, the Financial Industry Regulatory Authority (FINRA) announced that it had imposed fines of $450,000 against one financial securities firm and another $150,000 against an affiliated firm for failure to adequately protect customer information, among other compliance violations.

These types of costs are prohibitive for organizations that are still navigating their way through a recovering economy. That’s why many of them are choosing to outsource their ARM to a provider that can provide a secure computing environment for their needs.

CoSentry offers contemporary, scalable solutions for both large and small ARMs, giving them the securely managed technical services they need to ensure their data remains untouched by hackers. With CoSentry providing services to the ARM Industry, enterprises can be assured of comprehensive ARM services that reduce their overall compliance costs:

  • Regulatory compliance — CoSentry’s ARM systems are assessed and updated regularly to ensure compliance with ISO 27002 and GLB Act regulations
  • Off-site storage — All data is housed off-site in a secure facility, taking the burden off organizations to safely store information
  • Disaster recovery plans — Business continuity is a priority at CoSentry, with complete disaster recovery plans in place for every client in case of a disaster
  • Budget optimization — Freed from compliance costs, companies can allocate part of their budgets to new projects, additional personnel, marketing and other business functions that they could not otherwise afford

It’s clear that ARM is an essential business function, but the underlying need for compliance can’t be ignored. With a partner like CoSentry, organizations can rest easy, knowing their ARM functions are in good hands.

About CoSentry

CoSentry serves as a one source provider of data center, cloud computing and managed technical services. For over 10 years CoSentry has been helping clients create and protect technology platforms to compete in today’s ALWAYS ON business environment. Business leaders depend on CoSentry’s world-class capabilities including collocation, virtual server and storage platforms, high-capacity internet and technical help desk services to keep their businesses running – no matter what.

CoSentry has facilities in Kansas City, MO, and Sioux Falls, SD, Papillion, NE and Omaha, NE.

For more information about CoSentry, please visit their main Data Center | Colocation web site.

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Manny Quevedo
CoSentry
(402) 492-7892
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