Regulatory compliance: it’s a subject no one likes to talk about, and yet
– if your business isn’t well-versed with it and takes measures to ensure
compliance – it could be awful news.
Regulatory compliance is simply making sure that organizations are following their required state and federal laws, as well as all required standards and procedures. That may sound simple enough, but considering all the different federally mandated compliances out there, such as HIPAA, SOX, and PCI DSS, it can be easier than you think to fall out of compliance. And if that happens, you’re looking at possible federally imposed fines, audits, and even public humiliation from the negative attention that comes with an investigation. In the age of social media and online sharing, a company cannot risk losing business because of their reputation.
The bottom line is: not staying within regulatory compliance will end up equating to significant lost revenue for your organization, and perhaps more.
Stratus, formal penalties for noncompliance with SOX can include fines, removal from listings on public stock exchanges, and invalidation of D&O insurance policies. That’s a lot more. Hence, the reason regulatory compliance is often the very backbone of an organization’s security system.
Regulatory Compliance Isn’t Always an Easy Road to Follow
While there are many different types of regulatory compliance regulations for various industries, the three largest are HIPAA, SOX, and PCI DSS. Your particular organization may deal with only one or with all three. In any case, it’s highly advised to familiarize yourself with the specific details of the regulations which apply to you. That being said, it is, unfortunately, possible to believe you are taking all necessary measures to ensure comprehensive compliance, yet still unknowingly be in violation of one or more regulations. Some of the reasons for this may include referencing outdated materials, new wordings of rules replacing old, and basic misunderstanding of how each law is interpreted by enforcement agencies.
What Can You Do?
First and foremost, as you are the greatest watchdog for yourself and your business, you should begin familiarizing yourself with the most up-to-date information on regulatory compliance to the best of your ability.
While some of your study materials may indeed quickly become obsolete, you will still know much about your specific compliance regulations, and can then take measures to stay updated on any changes.
After that, it’s time to get your technology in absolute compliance, and that means finding an IT support service with expert-level knowledge on regulatory compliance. Luckily for you, Nerds Support is one of the best.
Once we understand your exact needs, we will create a customized infrastructure for your organization that ensures strict regulatory compliance with your requirements, including HIPAA, SOX, and PCI DSS.
We have over 17 years of experience working with small to medium sizes businesses in the accounting, financial, wealth management, freight forwarding, and logistics industries.
We will make your website into a veritable Fort Knox — locked-up tight, safe and secure
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