Corporate compliance is an important part of any business. A proper compliance plan helps prevent fines and litigation which affect a company's ability to make a profit. This is even more important in today's world of strict government mandates. In order to ensure that your company remains compliant, you'll need help with planning, organization and adherence. You can get help with regulatory compliance plans by working with an experienced attorney. Find out how an experienced lawyer can help your organization maintain compliance with various regulatory systems.
The Health Insurance Portability and Accountability Act affects any business that deals with personal health records. Companies or health care providers that manage HIPAA data need to show compliance with the privacy requirements. Generally, this involves protecting unauthorized access to personal health records and maintaining the right of patient authorization. Violations of the HIPAA requirements can be costly. Each violation can be fined up to $50,000. It's also possible for the government to impose criminal charges against the responsible parties.
The PCI System
Most businesses that accept payments will need to comply with the Payment Card Industry (PCI) regulations. Each credit card issuer adheres to the Payment Card Industry Data Security Standard. This set of rules ensures that businesses complete financial transactions in a secure manner. It applies to any company that accepts, transfers or maintains records of cardholder information. The intent is to protect the private information of customers, and to prevent fraudulent acts. Non-compliance with these standards can ruin a company's reputation in the eyes of the public.
The Sarbanes-Oxley Act
The SOX Act is a federal law that deals with accounting standards. It dictates how corporations should perform financial reporting and auditing among other practices. For example, the law states that senior executives are held individually liable for a company's financial reports. It also sets out rules for the use of an external auditor intended to eliminate conflicts of interest. Many compliance issues arise under the enhanced reporting requirements that companies must adhere to. This a very complicated area of compliance that often requires the help of a business attorney familiar with regulatory compliance plans.
Don't Ignore Regulatory Compliance
Taking a haphazard approach to compliance will only result in failure. Speak to a business law specialist to make sure your company is on the right track. Spencer and Collier can assist organizations of any size with regulatory matters. Contact the firm for more information.