If you are a small business owner, you've probably realized how complex the regulatory environment is. In fact, the Code of Federal Regulations has grown to more than 175,000 pages. Of all of the federal regulations out there, which ones are the most burdensome on small businesses? Below we've listed the five most vexing regulations for small businesses.
Paul McNulty and Stephen Martin of the Baker and McKenzie law firm developed what they call the "Five Essential Elements of a Corporate Compliance Program" that are based upon the best practices set out in the seven elements of corporate compliance. Below we've listed their five elements and why each of them are essential to any corporate compliance program.
Organizations who are not utilizing some form of compliance software or automation technology are more likely to face challenges, audits, and potentially bankruptcy. NAVEX Global surveyed over 1,000 different compliance employees across six different industries. The survey data highlights strategies and challenges with policy management programs and one of the biggest takeaways from the survey were the blatant differences in efficiency between the companies who utilize automated compliance software and those who do not.
Protiviti consulting surveyed 468 chief audit executives and internal audit and finance leaders in an effort to gain insight on how much SOX compliance costs them. The results were interesting, companies spend anywhere from $657,383 to $1,292,000 per year which, believe it or not, is down from last year.
Making sure that your organization is compliant with the many rules and regulations placed on your industry is becoming increasingly important. As more companies begin to understand the importance of compliance, it has started to have a bigger presence in the boardroom. More and more frequently we are starting to see Chief Compliance and Ethics Officers be included in senior-level discussions about corporate strategy.
If you are an IT professional, you're probably one of the busiest employees within your organization. As if you didn't already have enough on your plate, you also have to ensure that your organization is in compliance with some of the biggest regulatory laws (PCI, Sarbanes-Oxley, HIPAA, NIST) in order to keep sensitive material safe. Failure to meet rules and guidelines put into place by compliance standards could lead to a loss of trust, fires, and audits.
The Federal Drug Administration is a federal agency under the United States government that is responsible for protecting and promoting public health through their control and supervision of food safety. As you can imagine, this supervision requires them to put into place many strict regulations that force food, drug, and cosmetic organizations to ensure that what they are offering to customers is safe.
Staying compliant with the many rules and regulations that the Sarbanes-Oxley Act of 2002 (SOX) has put into place over the years is hard work. We've had the opportunities to speak with internal controllers and audit professionals about how they stay compliant with everything that SOX has put into place. Through these conversations, it's apparent that these executives are becoming increasingly concerned for their organization as the external pressure increases. Below we've listed the 6 ways to ensure that you remain compliant with SOX regulations
In 1996 the United States government passed a law that would not only change healthcare forever but would also enforce strict penalties for anyone who no longer practiced compliance. In the middle of what's now known as "the dot-com bubble", the government penned The Health Insurance Portability and Accountability Act or what is more commonly known as HIPAA. HIPAA provides data privacy and provisions to security with a purpose of safeguarding medical information.
Cloud-based compliance software is the way of the future but before we dive into that, let's take a broad look at the trends in the compliance environment. We constantly hear news about companies facing massive government audits for failing to stay compliant. You may have the traditional "this won't happen to me" outlook when talking about managing compliance-related issues within your organization. With that mentality, you are bound to fail and an audit will happen.
Research companies have been conducting numerous different surveys and data analysis testing on millennials to try and get a better understanding of their work habits. As more and more of them start entering the professional work environment, many industries are starting to wonder more about the biggest generation since the baby boomers.
Author Joseph E. Silvia has been further addressing each issue on his top 10 list as a way to give insight and help financial firms. He's quickly made it to number seven on that list, corporate governance and the culture of compliance, where he addresses why it's an issue and how financial firms can solve it.
Earlier this week KPMG published the results and findings of surveying Chief Compliance Officers from across seven different industries. As the regulatory environment continues to place pressure on corporations across the world, the need to create, adhere to, and understand compliance regulation becomes ever more important.
Late in 2016 IBM's Ponemon Institute published a massive report on the breach environment. The Ponemon Institute interviewed 1,500 employees from 383 organizations spanning 16 industries and 12 countries worldwide, the results were staggering.
As the healthcare marketplace continues to navigate change, providers are being asked to deliver outcome based results that will be directly associated with payment and reimbursement. Their business partners and providers, in turn, will be asked to provide new solutions and services that move away from the mundane and provide greater opportunity for an increase in revenue cycle results.