Each business is different, and because of that, there are certain mandates and standards that they must meet, depending on the industry they provide services to. Here, we’ll go over some of the compliance standards regulated by different government agencies, as well as how Envision Consulting can help you maintain compliance within your business.
What is Compliance?
In general, compliance refers to the act of following regulations that are set forth by an authority. When it comes to businesses, there are a number of compliance standards that must be met in order to avoid penalties or legal action. Depending on the type of business you have, you may be subject to different compliance standards. Here are some examples:
The Health Insurance Portability and Accountability Act (HIPAA) is a compliance standard that applies to businesses in the healthcare industry. HIPAA compliance is mandatory for any business that handles protected health information (PHI). It exists to protect the privacy of patients and to ensure that their health information is kept secure. If you are in the healthcare industry or handle PHI, then you must comply with HIPAA.
The Federal Information Security Management Act (FISMA) is a compliance standard that applies to government agencies. FISMA compliance is mandatory for any agency that collects, stores, or processes sensitive information. The purpose of FISMA is to protect the security of this information and to ensure that it is not accessed by unauthorized individuals. If you work for a government agency, then you must comply with FISMA.
The Sarbanes-Oxley Act (SOX) is a compliance standard that applies to small businesses. SOX compliance is mandatory for any business with publicly traded securities. It exists to protect investors from fraudulent financial practices and to ensure the accuracy of financial reporting.
Financial Services and Banking Industry
The Gramm-Leach-Bliley Act (GLBA) is a compliance standard that applies to the financial services and banking industry. GLBA compliance is mandatory for any business that provides financial services or products. The mission of GLBA compliance is to protect consumers from fraud and to ensure the security of their personal information.
The Family Educational Rights and Privacy Act (FERPA) is a compliance standard that applies to educational institutions. FERPA compliance is mandatory for any school that receives federal funding. It exists to protect the privacy of student educational records and to ensure that these records are only accessed by authorized individuals. If you work for a school that receives federal funding, then you must comply with FERPA.
A compliance standard that applies to businesses in the technology industry is the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS compliance is mandatory for any business that processes, stores, or transmits credit card information.
PCI DSS is one of many compliance standards for tech companies to regulate the protection of information and to ensure that it is not accessed by unauthorized individuals. If you work in the technology industry, then you must comply with PCI DSS.
How Envision Consulting Can Help You Stay Compliant
At Envision Consulting, we have a team of compliance experts who can help you navigate the compliance landscape. We will work with you to determine which compliance standards apply to your business, and we will help you develop a compliance program that meets all of the requirements.
Contact us today to learn more about how we can help you stay compliant.