Compliance conundrums

Sarbanes-Oxley, Basel II, HIPAA, I-9, Bill 198, ASIC, APRA… You are faced with too many regulations to keep track of.

With these many regulations, guidelines and policies coming into effect around the globe, companies like yours find that you have to spend far too much time, money and effort on meeting the plathora of compliance requirements.

Commonsense Compliance™ considerations

Here are some simple but important considerations when choosing how to travel down the road to compliance:

I. Buy compliance solutions not compliance products.

Solutions solve problems; whereas products bring new ones. Spend money on turn-key Compliance Solutions that visibly and provably make your business processes compliant to specific regulations, policies, standards or guidelines.

II. Your compliance solution should enforce compliance, not just monitor non-compliance.

Remember that compliance solutions too come in different shapes and sizes. Make sure that the one you select isn't just a "too little too late solution" that simply produces reports after the deed is done, because, by then, it may be too little too late, to save the business.

III. Pick the solution that fits your business; don't change you business to fit the solution.

Your current way of doing business, its workflow and processes are what has made you successful to date. Always be cautious that the solution you choose will work with your existing workflow and processes and make them compliant. In other words, your compliance solutions should protect your business not re-engineer it.

IV. Completeness is the key to compliance; therefore completeness is a must in your solution.

When the regulators consider your business, they will either find that you are compliant or find that you are not to a particular regulation; there is no partial compliance. So when you choose your compliance solution, ensure that it makes your business compliant to specific regulations through and through.