A compliance program ensures that a business complies with laws and regulations relevant to it.
Some small businesses believe compliance is only for large organizations. Nothing could be further from the truth. SMBs need a compliance program to minimize risk and decrease inefficiencies.
HIPAA violations can cost anywhere between $100 to $50,000 per violation and run as high as $1.5 million per calendar year of neglect. Similarly, GDPR violations can cost anywhere between 2% to 4% of company turnover.
To help you effectively achieve compliance, we’ve developed a checklist that lets you understand the Six Essential Elements of a compliance program.
- Executive Sponsorship
- Business Impact Analysis & Risk Assessment
- Chief Compliance Officer (CCO)
- Data Governance Strategy
- Monitoring, Testing and Updating
- Routine Employee Training