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Compliance: Do I Need To Worry?

Compliance: Do I Need To Worry?

by Rick Turoczy on July 27, 2006

Call it a good news and bad news scenario: Likely, a small to midsized enterprise won’t have to worry much about compliance right now, but that doesn’t mean it can relax and let the bigger companies fret about it or that compliance won’t affect it within a few years.

Compliance, the buzzword du jour in technology and financial circles, is shorthand for adhering to regulations such as Sarbanes-Oxley (also called Sarbox) and HIPAA, which have been put into place to ensure that publicly traded companies are employing adequate financial and administrative controls.

Most SMEs are exempt from following the regulations because most aren’t public and don’t deal with healthcare or financial issues, but they should be aware of how customers and vendors are affected by the laws. Also, Sarbox in particular is being rolled out in a number of stages and could include mandates for SMEs in the future. Having some savvy now about what’s required–even if the company doesn’t need to implement changes–could protect a business in the long run.

Compliance: Do I Need To Worry?

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