Topic Teasers Vol. 70: Compliance Challenges
We need to make some alterations in the way we manage our internal software and the access employees have to protected data. Now an audit shows we need to make specific changes immediately or pay a huge fine. Is there any way to avoid this embarrassment in the future and protect our public image?
A. International and federal regulations must be complied with, and knowing which regulations apply to your type of business so you can merge compliance into your plans at the project level will help satisfy the mandatory requirements to avoid large fines in the future.
B. Most staff members are reluctant to move forward with required changes to their daily routine, whether technological or manual. To get their cooperation and meet the audit list, fire the first three people who speak out in opposition. Setting an example clearly conveys that this change will occur with or without the agreement of the employees.
C. If your organization has been running smoothly and profitably, ask the legal team to search the past rulings to find ways to avoid altering the violation items listed by the compliance inspectors.
D. Each type of business has a single federal mandate to govern how they manage their profits. Know that the depreciation versus capitalization of corporate expenses should be recorded and tracked to meet audit specifications.
(scroll down for answer...)
Please log in or sign up below to read the rest of the article.