A great business leader knows they have to play by the rules before they can change the game. This is why being well-versed in compliance is so imperative. Compliance has become the new house rules for how businesses conduct themselves on the board. To ensure all of your pieces stay in play, here are the compliance regulations you should know.
The European Union rolled doubles on protecting the information of its citizens with General Data Protection Regulation (GDPR). While you and your business may reside stateside, any entity that processes and stores the personal data of EU citizens must follow this compliance.
These guidelines must be followed unless otherwise consented by individual citizens. Visitors retain the right to withdraw their information at any time and companies must respect the individual’s right to be forgotten. Essentially, an EU citizen will allow some of your house rules until they want to change up the game, then you must respect their decision – no rage-flipping the board.
You can successfully conduct business in European markets with a qualified technology partner as your chance card to help you understand the transition to GDPR compliance. They ensure that you are properly meeting regulatory compliance and help you avoid fines of four percent of your global annual turnover or up to $22.4m (whichever is larger).
Payment Card Industry Data Security Standard (PCI DSS) compliance creates an additional level of protection for credit, debit and cash card transactions. It guarantees that your customers’ card information is kept safe when it’s stored, processed and transmitted.
A great technology partner can make all the difference in your regulatory status by building a secure network and maintaining crucial systems throughout the year. You’ll be able to avoid risky noncompliance fines and ensure you stay in the game.
In the legendary and hallowed battle of wits known as Go Fish, strict penalties fall upon the deceitful when they are caught lying about not having a certain card. This is similar to the Sarbanes-Oxley Act (SOX).
SOX maintains a level of transparency among entities that publicly trade within the US. It holds company officers responsible for accurate reporting and requires a number of auditing measures to show how much capital a company has, as well as where it is being spent.
With intuitive IT services, you will keep the faith of investors, remain transparent and discover the streamlining benefits that SOX can provide. Not to mention, you’ll avoid hefty fines and jailtime so you can pass go and collect your profit.
The Health Insurance Portability and Accountability Act protects the storage of an individual’s medical records. Like the Operation board holding various ailments, companies known as Business Associates (BA) hold the medical, insurance, and payment records of individuals. Your company is considered a BA if it creates, receives, maintains or transmits protected health information and compliance pertains not only to the primary data handlers, but also their subcontractors.
To safeguard this information from top to bottom, a technology partner becomes the red light and buzzer on the patient’s nose, a safeguard against anyone trying to remove the “water on the knee” of information from your client’s records. Working with tech services provide the necessary solutions so you and your partners transmit data securely.
Partnering with a managed services provider is the easiest way to ensure you’re meeting and exceeding compliance standards. Contact us today to be your guide in the IT business game, and we’ll help you become a seasoned player.
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