Nixon Digital

What is a trust management platform?

OneTrust | Compliance

(4 min read)

Tristan Terlouw

When striving for compliance with a particular security standard, you do so with a specific goal in mind. It may be that you aim for compliance because it is a legal requirement in your industry, or because you want to have everything in order having heard how high the fines are for breaching compliance standards.

But what happens after you achieve that initial goal? Such as SOC 2 or ISO 27001? It is easy to get caught up in checking the boxes and lose sight of why you are doing your security and compliance work.

Ultimately, your goal is to develop a safer organization and to establish your company as a reliable partner that cares about its customers. To go beyond a point-in-time audit to prove your security and compliance, a holistic, strategic approach is needed to strengthen and demonstrate your security posture.

That is where trust management comes in!

What is trust management?

Trust management is an approach to making your company a secure and trustworthy business that customers feel comfortable doing business with. It is a strategic investment in your business, particularly because increasing risk and supplier management oversight has raised the bar for proving safety. Trust management can help you:

  • Move up to the higher market and win business from more profitable customers.
  • Expand into new markets and customer segments by gaining their trust.
  • Build long-term, trust-based relationships with customers.

What is a trust management platform?

A trust management platform is a digital tool used by businesses to manage their information security, risk assessment, and compliance requirements. It enables organizations to have better control over their security protocols and effectively manage risks associated with their operations.

The platform typically involves a centralized system that provides a holistic view of the organization’s security posture, including threats and vulnerabilities, risk levels, and regulatory compliance status. It also allows for the implementation of security controls, policies, and procedures to mitigate risks and protect sensitive information.

What are the benefits of a Trust Management Platform?

A trust management platform (TMP) can be a valuable investment for growing businesses looking to expand their customer base into new markets. When your trust management platform is effective, it can offer the following benefits:

  • Automated intelligence:¬†Monitor changes in your internal, regulatory, or third-party environments with real-time intelligence.
  • Visibility and transparency:¬†Make better decisions and prioritize trust at the centre of your operations.
  • Flexibility just for you:¬†Address what matters most, choose what you need today, and easily scale up as your needs change.
  • Market-defining expertise:¬†Our team of experts will help you accurately assess program maturity and identify process gaps.

Maximizing Business Trust and Reliability

A trust management platform is a valuable investment for companies looking to establish themselves as reliable and trustworthy partners in their industry. While compliance with security standards may be the initial goal, a holistic and strategic approach to trust management is necessary to truly strengthen and demonstrate a company’s security posture. Trust management platforms provide essential capabilities such as risk visibility, contextual insights, efficient remediation, and continuous trust. The benefits of a trust management platform include automated intelligence, visibility and transparency, flexibility, and market-defining expertise. With an effective trust management platform, companies can expand into new markets, win business from more profitable customers, and build long-term trust-based relationships with customers.

Moreover, it ensures compliance with regulatory requirements such as GDPRHIPAAPCI DSS, and other data privacy and security standards. It provides auditable evidence of compliance, which is essential for businesses that need to prove that they are meeting their regulatory obligations.

At Nixon Digital, we believe that trust management is not just about making a company safer and more compliant, but also about effective communication with customers and partners. A trust management platform centralizes and streamlines both components into one tool, making it an indispensable investment for businesses looking to build trust and grow their customer base.

If you are looking to implement a Trust Management Platform (TMP), we are here to help. We have teamed up with OneTrust, which is our preferred TMP solution. Make trust a realistic and attainable goal for your entire organization.