As the leader of a growing company, it is crucial to stay on top of numerous issues, including but not limited to: profits, new leads, employee retention, resource development and finally, risk and compliance. Compliance, in particular, is an increasingly hot topic for businesses in today’s market, with 57% of respondents to a 2019 survey saying that security and compliance would take priority for their company’s focus ahead of cloud, hybrid technology and emerging technologies. This compelling statement indicates that not only will more resources be allocated to compliance in the coming months, companies will also likely be faced with more stringent compliance regulations to abide by in the future. Indeed, a 2020 study reports that 17% of risk and compliance practitioners expect compliance budgets to significantly increase this year. The following information sheds light on the importance of being “compliant” in today’s business world as well as how to do so.
In an informative “tech tip,” IT experts PNJ Technology Partners share valuable knowledge about what it means to be compliant in today’s industries. Of course, there are several models for company compliance that many of us are already familiar with — individuals in the healthcare industry must follow HIPAA rules and regulations, the Sarbanes-Oxley Act serves to combat fraud and protect investors, while PCI compliance is required for all companies that accept credit card transactions.
To be compliant, by definition, is to respect or abide by rules and regulations. This is not a new concept in the business world — in order for companies to work well together, there must be some ground rules and expectations that facilitate productive activity and respect of consumers.
In the information technology industry, specifically, there are a variety of regulations that compliance teams must be aware of to function properly. Whether the specific rules and guidelines are statewide, observed within the industry or rather established on a federal level, it can be overwhelming to navigate different compliance requirements.
If you are struggling to make sense of the many regulations in your industry, the best way to guarantee your compliance is to consult with the experienced professionals at PNJ Technology Partners. Our helpful team is eager to guide you through the different compliance guidelines that your company should respect. For more information about compliance in your field, simply fill out our quick contact form, give us a call at 518-459-6712 or email us at firstname.lastname@example.org. Stress-free compliance strategies are just around the corner with PNJ Technology Partners.