What is an Applicability & Gap Assessment?
Regulatory compliance requirements and IT governance frameworks are constantly evolving. Not only is it difficult to stay on top of everything without proactively defining the scope of your work, but it sets you up for failure because you’ll inevitably spend too little or too much time getting aligned with a particular standard. Performing an Applicability & Gap Assessment helps you evaluate your alignment with requirements ahead of time. By answering “Yes,” “No” or “N/A,” you have an understanding of what needs to be done and can allocate time, resources and dollars accordingly.
Regulations and best-practice frameworks are there for a reason: to help businesses align with best practices. If you fail to be compliant with them, you’re lacking the benefits of those best practices. This opens you up to more risk; if you’re not properly mitigating cybersecurity threats, you could suffer a data breach, which could lead to a scandal and subsequent revenue and/or customer loss.
There are also hefty fines for noncompliance in the regulatory and IT governance world. And it doesn’t matter if you’re doing the things the frameworks suggest if you can’t prove it, so having software to track your efforts is critical (especially today, when regulatory bodies are more critical than ever before).