Why It’s Important to Have a Compliance and Regulatory Assessment
There’s no topic as dreaded as compliance nowadays, right? You’re a growing enterprise, and sometimes, it’s not easy to stay on top of ever-evolving regulatory requirements. In fact, it’s downright time-consuming and burdensome, especially if you’re struggling with limited resources that need to be paid a salary, benefits, and other expenses to stay on top of regulatory requirements for you.
Compliance and Regulatory Assessments
But you know it’s a necessary process. After all, that’s why you’re here reading about compliance and regulatory assessments. Regardless of which industry you’re operating in, you know you may be audited at any given point. And if an auditor comes knocking and finds that you’re not following a specific requirement, you can face:
- Hefty fines and penalties that can range from thousands to hundreds of thousands of dollars as a result of the non-compliance.
- Reputational damage with customers, potential business opportunities, and even internally with your employees.
- Class action lawsuits and/or criminal charges, even if you lack the resources and/or expertise to handle compliance.
Naturally, it’s not as easy as simply “staying compliant” in today’s day and age. From HIPAA to SOX to FINRA and everything in between, regulations are often overlapping, ever-changing, and difficult to follow. Even if you have someone internally dedicated to staying on top of regulations, they may not understand the technical requirements involved.
How To Make “Staying Compliant” Easy…
If you want to simplify the process of staying compliant, it’s all about having the right guidance to ensure you’re always ahead of the ever-evolving regulatory requirements you need to adhere to. Sure, an internal person or department is helpful, but if they’re not:
- Staying involved in industry events, news, and updates
- Learning from or working with other businesses in your industry
- Technically savvy enough to fully understand the technical requirements
Then they may have trouble keeping you in compliance with each and every stipulation required. So what else can you do to make staying compliant easy? Our recommendation is working with an IT company that knows your industry. Why? Because they’ve worked with businesses in your industry before, they’ve attended all of the industry events, and they’ve stayed up to date because it’s a HUGE part of their job.
You can reach out to us for your compliance and regulatory assessment to feel confident knowing you’ll pass an audit if the situation arises. Here’s what we do:
- We combine our technological expertise with our in-depth knowledge of current and emerging regulatory compliance requirements across various industries.
- We review your systems, processes, and procedures to understand your risk exposure, prioritize those risks, and develop a plan for any changes necessary.
- We document the entire process and provide risk mitigation strategies for future use to ensure you’re able to stay compliant.
Ready to book your compliance and regulatory assessment now? You’ll save yourself a ton of headaches, and in some cases, fines, penalties, and legal hassles later on. Just…
- Book a meeting with our team of technology and compliance experts
- Sit back while we perform an in-depth assessment for you
- Enjoy the peace of mind that comes with knowing you’re prepared for an audit