What is company compliance? Simply put, business compliance is ensuring your company and employees follow the laws, regulations, standards, and ethical practices that apply to your organization.
Effective company compliance will cover both internal policies and rules and federal and state laws. Enforcing compliance in corporate policy will help your company prevent and detect rules violations. This can save your organization from fines and lawsuits.
Corporate compliance management also lays out expectations for employee behavior, helps your staff stay focused on your organization’s broader goals, and helps business operations run smoothly. This process should be ongoing. Most organizations establish a business compliance program to help govern policies and compliance.
Risk Assessment Services – First, we identify compliance issues so we can put a plan in place to remediate and bring our client up to an acceptable level of risk. Our risk assessment services include evaluating your policies and procedures, building a compliance framework, scanning for security vulnerabilities and giving you an executive summary with gap analyses, risks and recommendations.
HIPAA – The Health Insurance Portability and Accountability Act of 1996 (HIPAA) required the Secretary of the U.S. Department of Health and Human Services (HHS) to develop regulations protecting the privacy and security of certain health information. To fulfill this requirement, HHS published what are commonly known as the HIPAA Privacy Rule and the HIPAA Security Rule. The Privacy Rule, or Standards for Privacy of Individually Identifiable Health Information, establishes national standards for the protection of certain health information.
NIST – NIST guidance provides the recommended security-control standards for information systems at federal agencies. The government endorses these standards, and companies comply with NIST standards because they encompass security best practices control across a wide range of industries.
PCI 3.2 – Payment Card Industry Data Security Standard (PCI DSS) is a set of compliance requirements designed to ensure that any company that processes, transmits, or stores credit card information, maintains a secure environment.
ISO 27001 – Using this family of standards will help your organization manage the security of assets such as financial information, intellectual property, employee details or information entrusted to you by third parties.
GLBA – The Gramm-Leach-Bliley Act (GLBA) removed restrictions that prevented any one financial institution from operating as any combination of an investment bank, commercial bank, or insurance company. It is also known as the Financial Services Modernization Act of 1999.
FINRA – FINRA regulates trading in equities, corporate bonds, securities futures, and options. All firms dealing in securities that are not regulated by another SRO, such as by the Municipal Securities Rulemaking Board (MSRB), are required to be member firms of the FINRA. As part of its regulatory authority FINRA periodically conducts regulatory exams of its regulated institutions.
SANS 20 – The project was initiated early in 2008 as a response to extreme data losses experienced by organizations in the US defense industrial base and recently. The publication was initially developed by the SANS Institute and became the SANS 20 Framework.
GDPR – European Union’s General Data Protection Regulation (GDPR). The GDPR’s main purpose is to protect and provide rights to EU individuals whose data is being captured by organizations.
Corporate compliance is a critical aspect of running a successful and sustainable business. It encompasses a range of practices and procedures designed to ensure that a company operates within the boundaries of laws, regulations, and ethical standards. The following reasons make compliance of utmost importance:
Compliance ensures that businesses adhere to laws, regulations, and industry standards relevant to their operations. It helps avoid legal penalties, lawsuits, and reputational damage resulting from non-compliance.
Compliance programs identify and manage risks, such as fraud, corruption, data breaches, and security risks. By implementing proper controls, businesses can minimize the likelihood and impact of such risks.
Stakeholders trust businesses that comply. Customers, investors, and business partners are more likely to engage with and support companies that demonstrate ethical practices and compliance.
In today’s dynamic business world, ever-evolving regulations and stakeholder expectations demand responsible actions. Partnering with On Time Tech, a leading compliance solutions company, makes it easier for your medium or small business to navigate complexities, mitigate risks, and build trust.
Contact us now to ensure compliance success and unlock your business’s full potential. Let’s thrive together!