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Regulatory Compliance

Regulatory Compliance

One of the difficulties involved in complying with all government regulations is that there are a myriad of laws which someone in your company must fully comprehend. On the financial front, for example, the SarbanesOxley Act outlines procedures that must be followed regarding internal procedures relevant to financial reporting. There also regulations that protect the privacy of individuals, such as HIPAA.

These and other federal regulations that are now in place demand higher levels of security, privacy, and accountability. To cope with many of these issues, companies may turn to their IT staff even more than their legal or HR staffs to ensure that they are meeting these standards. This could mean putting other projects on the backburner and working on technology that will allow the company to obtain regulatory compliance.

While some companies are working to develop solutions to comply with current regulations, others are seeking solutions that will be more viable in the long term. For example, the USA Patriot Act may evolve in the future and have additional requirements added to it with which companies will have to comply. You should consider how easily your IT solutions can be adapted to meet future requirements for compliance while also meeting todays standards.

Know with Which Regulations You Must Comply

Common functions of regulatory compliance software involve maintaining financial records, archiving emails, and protecting the confidentiality of individuals. Before you purchase regulatory compliance software, you should know exactly what you need to purchase. For example, if you do not deal with patients, then you have very little need to purchase software that will ensure HIPAA compliance. If you talk with a software vendor without doing your homework, you could end up unnecessarily spending a large amount of money.