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(719) 355-2440In the IT world, there’s no shortage of compliance and regulatory requirements. Today, we want to address a question that our team receives almost daily — what exactly does it mean to be compliant?
Compliance, in business, refers to abiding by existing state and federal laws and best practice standards. This could be HIPAA for those in healthcare, SOX for public corporations, PCI for the payment card industry, FINRA for those dealing with finances, and so on.
Your organization must have a well-thought-out strategy, complete with the right procedures and policies, to help you meet these requirements. Regulatory and enforcement authorities have been very aggressive with compliance defaulters in the recent past; this decade has witnessed several landmark non-compliance fines.
To some organizations, compliance is just a way of evading trouble with regulatory bodies. While it’s true that it helps you avoid those hefty fines and sanctions, being compliant equally has several significant benefits to your business:
How Can You Stay Compliant With Your Industry-Specific Standards? If only there were universal compliance standards for all businesses, then compliance would be a straightforward concept. However, the unfortunate reality is that compliance requirements vary across different industries. You must, therefore, begin by identifying the standards that apply to your specific line of business. And to be honest, this process can be nerve-wracking if you don’t have enough background knowledge and experience.
So, What Does This Mean for Your Colorado-based Organization? It would be best if you started as early as it is convenient. There’s a worrying trend of firms waiting ‘until it’s a requirement’ or ‘until you’re big enough’ before planning for compliance. What this means is that you’ll be hurrying to formulate policies and align your procedures to various standards at the last minute. From our experience, this approach is prone to blunder and serious omissions. With tension at its peak, inevitably, you won’t identify some essential standards. Businesses that begin planning for compliance early enough enjoy the benefits of working under zero pressure.
Start scouting for a reliable IT company in your locality to help you identify applicable standards, design, and implement the right frameworks.
It’s possible, especially for large companies, but still not the best option. We often see even multinationals with established in-house compliance teams reach out to us for help when they’re due for audits. We advise outsourcing this service to a team that understands how your industry operates for small and medium-sized businesses. It’s the most efficient and cost-effective alternative.
Do you want to be compliant but don’t know where to start? Colorado Computer Support is here to help; call us now at (719) 310-3035, or send an email to blake@coloradosupport.com.