We at NextGen are very humbled and proud to provide security solutions to clients across many industry sectors. It’s our duty to ensure they are equipped with the security protections they need to operate safely and successfully. We work with enterprises spanning such industries as Petroleum, Utilities, Healthcare, Pharmaceuticals, Food Manufacturing, Technology, and Higher Education. Regardless of the industry or size of the enterprise, all businesses must adhere to certain laws and regulations. And these requirements can vary, contingent on the industry and type of business. We recognize how critically important regulatory compliance is and impart that importance to our clients.
Businesses absolutely must follow state, federal, and, in some cases, international laws or regulations relevant to their operations. We always encourage and assist our clients to stay on top of regulatory requirements relevant to their business. Case in point – over the last century, there’s been a huge increase in the number of laws, regulations, standards, and guidelines that ensure compliance. The regulatory landscape is in a constant state of flux; it’s impacting many industries and how they operate. There is a constant need to pivot in order to avoid the risk of lawsuits and/or liability.
And while staying on top of ever-changing regulations can be a bit of a time-zapper, it’s worth the time spent, because the regulations are actually in place to help protect your business, your employees, and your customers. Security regulations, for instance, help protect against data breaches, financial regulations protect against fraud, and safety regulations are in place to keep workers safe from physical harm.
It’s important to keep in mind that non-compliance can come with a hefty price tag. There can be stiff fines to pay and/or lawsuits to face. Reputational damage can also run deep. At the very worst, regulators can prohibit a company from operating altogether.
The ramifications of non-compliance make clear the need for businesses to take a comprehensive, proactive approach to developing a regulatory compliance program. While we are here to help our clients stay on top of new requirements, outlined below are some general tips on how enterprises can ensure regulatory compliance.
Step # 1 is to pinpoint the industry-specific regulations that pertain to your business. From there, the following steps can, and should, be taken.
Take a long look at how you are currently addressing regulations and seek out any shortfalls. Fix them. Regulatory compliance is a big deal – treat it as such and have a dedicated team in place or at the least a sole compliance officer on the task and clearly define who is responsible for executing compliance. Beyond that, it’s a good idea to apprise all employees of the regulations that need to be adhered to and, if their jobs play a role in ensuring compliance, make that clear, as well. Also put in place very clear compliance policies for all to see and revisit them often to ensure they are in step with any changing regulations.
Although it may seem like regulatory compliance comes at a cost, it also has a payoff. Savings span the costs of penalties and remediation, correcting any deficient processes, and time and sales lost while trying to come back into compliance, if that’s even an option.
NextGen specializes in solutions for regulated entities and facilities in key vertical markets nationwide. We are here to help you meet all your security and compliance needs.