Do you work in an industry that requires you to follow a strict corporate compliance program? Unfortunately, many Miami businesses don’t know whether or not they are following compliance until it’s too late. Nerds Support doesn’t want you to be one of those companies.
What is a Corporate Compliance Program?
Compliance is a term used to describe a set of standards set by a governing body to enforce internal controls and ethics of businesses utilizing them. These can include PCI DSS, HIPAA, and SOX regulatory compliance standards. There are five essential elements to having a successful corporate compliance program used across today’s industries: leadership, risk assessment, standards/controls, training/communication, and oversight. Without these five elements in place and practiced regularly, businesses cannot have an effective corporate compliance program.
What are Corporate Compliance Programs Used for?
Certain industries require checks and balances when it comes to transmitting data to protect the individual the data is regarding. A corporate compliance program is that set of checks and balances. It lays out specific guidelines of how data is stored, transmitted, or shared.
HIPAA – The Health Insurance Portability and Accountability Act protects sensitive patient data. Any company that deals with protected health information is required to have a set of security measures in place and followed to be in compliance with HIPAA. This includes physical, network, and processes as well.
PCI DSS – The Payment Card Industry Data Security Standard requires companies who process, store, or transmit credit card payments – regardless of size – to host their data securely with a PCI DSS compliant provider.
SOX – Sarbanes-Oxley Compliance is a comprehensive, cost-effective, and risk-based compliance act. It requires all publicly held companies establish controls and procedures to report financial information to reduce the risk or possibility of corporate fraud.
The Importance of Following a Corporate Compliance Program in Miami
Companies found in violation of these programs face serious charges by governing entities. Companies who receive audits on their financial records and found not to be in compliance with SOX can be harshly penalized while losing their investors and shareholders trust and respect. Companies who are non-compliant with HIPAA can find themselves facing steep fines and a loss of clients. If your company isn’t PCI DSS compliant, not only do you risk massive fines, you also risk losing the support of your financial institution as well. Not having a supporting bank equals no longer being able to accept credit cards as a form of payment.
Let Nerds Support Keep You Secure
Nerds Support has a team dedicated to keeping you in compliance with any industry standards you may have to follow. We’ll run system audits to see how secure your network is and implement processes that will get you back in compliance if you’re found in violation. Isn’t it time to make sure your company is following the rules?