Companies are aware that poor information management and non-compliance carry severe penalties, which can lead to a loss of business and reputation, financial penalties and even prison sentences in extreme cases.
Achieving compliance requires the execution of best practices without error, as well as proving that the organisation has done this through accurate information. Failure to comply can lead to an organisation’s operations being suspended until corrective action is taken. It is important that companies are both complying and being seen to comply with relevant rules and regulations.
Key Regulatory areas to consider in many businesses include: