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What to Expect for Your Company’s Data Compliance Requirements

We have been thinking back to simpler times when data was carried on paper and it required physical access to break into somebody’s files. Outside the hospital and maybe the bank there were few obligations for caring for this information hoard and nobody’s business spent much money to do anything about it.

Now, after digitisation, networking, monetisation and democratisation of hacking tools, everybody worries about data and our businesses are spending billions to manage and protect it; and it’s about to get worse.

We prefer to help companies exploit their data to make money, rather than spend money treating data as a liability, and I would advise any company keeping such data and paying to manage it that your company should be looking for ways to make that data an asset, so it is worth holding. But these days we are paid to help companies comply with the exploding universe of rules for information management.

It took the bold and the restrict enforcement regimes of the GDPR to make UK law makers sit up and take notice, and now we are all spending lots of money to meet these new rules.

So what is next?  We think that in a few years time slight or significantly different versions of data management requirements will be in place.

So watch this space for further and more specific discussion of where the data laws will likely take us in coming years.

For more information on how to meet your business compliance obligations get in touch with us on 08702281999 contact us via info@stanleycarter.co.uk or further details on our website www.stanleycarter.co.uk

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Corporate Compliance

Don’t be complacent with your corporate compliance

As a normal citizen, we deal with compliance every day whether or not we are aware of it. Every time we obey traffic lights and stop our car when the light turns red, we are being compliant with local traffic laws. When we stand clear of the train doors after a train announcement, we are compliant with safety regulations.

Compliance is everywhere around us and the workplace is no different. But how does this everyday action translate to the business world? What does compliance mean for a company and how can businesses ensure they are maintaining their compliance?

What is the purpose of corporate compliance?

The purpose of corporate compliance goes beyond following the letter of the law. A recent study cited that almost two-thirds of organisations believe that their compliance efforts helped reduce the legal cost and resolution time of regulatory issues and fines.

Corporate compliance is about prevention as much as it is about obeying the law. The right compliance strategy can keep your company out of hot water, protect your employee data, and keep your company out of hot water.

To better understand where corporate compliance comes into play, we have outlined a common example of corporate compliance failure.

Does that sound like something straight out of a Mission Impossible film? It’s not; It’s actually happening to Goldman Sachs. The company is accused of promoting a company culture that enabled two of their bankers to steal billions from the Malaysian government. The Goldman Sachs x 1MDB scandal is just the latest example of a financial compliance failure.

Corporate compliance is about control and consideration. Is corporate compliance the most interesting part of your business model? Of course not; but it is a vital component to the health of your business. Before you decide to innovate to try and get ahead, make sure you are staying compliant in the process.

For all your business and corporate needs give us a call on 0870 228 1999

or send us an email info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk