Ensure that your business adheres to federal, state, and industry regulations
Non-Compliance to Industry Standards Isn’t a Viable Option
Whether they are put in place by federal, state, or industry regulators, compliance standards aren’t something that a business can ignore.
Regulatory standards and frameworks serve as strict rules for organizations to follow to protect the public. Neglecting responsibility to follow them carries significant shortcomings for a business, including regulatory fines, stripped permissions, and bruised reputations. There are a few standards that apply to everyone, including:
- The Payment Card Industry Data Security Standard (PCI DSS) - This standard, designed and governed by credit card companies, applies to anyone who processes, stores, or transmits payment card data.
- The Health Insurance Portability and Accountability Act (HIPAA) - This 1996 law establishes standards for the storage and transmission of protected health data and patient information.
In addition to these, there are many other compliance regulations and frameworks that could very well impact a business, depending on its industry and processes:
- The Sarbanes-Oxley Act (SOx) - Passed in 2002, this law was implemented to ensure responsible accounting and reporting for publicly traded companies.
- The California Consumer Privacy Act (CCPA) - This law lays down assorted requirements for any organization that does business in the state of California or processes the data of its residents.
- The General Data Protection Regulation (GDPR) - A data privacy law implemented by the European Union protects consumer data from being collected and shared by any business that operates inside the EU.
- The New York State Stop Hacks and Improve Electronic Data Security Act (SHIELD) - Similar to the CCPA, this law places greater data protection requirements on companies and organizations that collect data on residents of New York state.
With data privacy becoming an important consideration around the world, additional regulations are sure to be created aiming to give individuals more control over their personal information. The regulations listed above are just a small sample of the most cited regulations that apply to U.S.-based businesses. The potential cost of non-compliance with any regulations you are obligated to function under can considerably damage your business.Unfortunately, maintaining compliance isn’t exactly cheap, but it is extremely cost-effective compared to the litany of legal fees, fines, and lost business if your business is found to be functioning outside of the regulatory guidelines.
How We Can Help You Remain Compliant
Experience and technical excellence can keep your business in line with regulatory mandates.
Our experienced team is familiar with regulatory guidelines and how to meet the technical requirements outlined by many compliance directives. We’ll perform a comprehensive assessment, identify what needs to be done to mitigate any shortcomings and move to mitigate any compliance issues your organization may have.
Once our team has attended to these needs, you’ll be prepared for any official audits or inquiries that you may be subject to.
Don’t let your business’ noncompliance deprive you of greater business opportunities.
Reach out to BNMC today to talk to our professionals about your compliance needs and what we can do to address them. Give us a call at (978) 482-2020 to get started.