E-discovery and audits can be daunting, but having the right technology solutions and resources to enforce your policies will help ensure that you are ready for anything.
Regulatory compliance management is something most of us face and have to deal with in our day-to-day business operations. Enterprise risk management is a set of essential policies we must have in place because non-compliance may mean hefty fines and affect business continuity. Using infoRouter can significantly mitigate your company's financial liability and litigation risk.
E-discovery and audits can be daunting, but having the right technology solutions and resources to enforce your policies will help ensure that you are ready for anything.
infoRouter provides an effective regulatory compliance solution that helps you stay compliant with the growing number of regulatory compliance initiatives and industry regulations.
By using infoRouter, you can manage your company's financial liability and litigation risk by effectively addressing the mandates imposed by the following:
- Managing of documents related to financial and accounting information for compliance with the Sarbanes-Oxley Act (SOX), particularly with Section 404.
- Industry regulations, such as ISO Document Control and Quality Management
- Regulatory compliance with mandates from governmental agencies such as Securities and Exchange Commission (SEC)
- Regulatory compliance with mandates from HIPAA
- Compliance with Federal record-keeping laws and regulations. DoD 5015.2 Compliant Records Management
- Managing of documents related to civil litigation or government investigations
- Managing of documents related to Human Resources such as discrimination, wrongful termination, sexual harassment, etc.
- Corporate Governance
- Data retention laws
- Process of documenting and testing internal controls
- Document retention, document retrieval and audit trails and tracking of documents
- Management of electronic patient records
Federal Regulations
Companies are ordered by law to make significant changes to their IT infrastructures and business processes to comply with federal regulations such as
- The Sarbanes-Oxley Act
- SEC
- The Health Insurance Portability and Accountability Act (HIPAA)
- The US Patriot Act
Non-compliance is no longer optional
Archiving e-mail messages, protecting the confidentiality of sensitive electronic records, documenting financial transactions are no longer optional. An effective regulatory compliance management solution is essential.
Cost of UNINTENTIONAL Non-compliance with Sarbanes-Oxley Act for corporate officers:
- Lawsuits
- Bad publicity
- Fines up to $1 million
- 10 years jail time
- If the non-compliance is intentional, then the penalties can go up to
- $5 million in fees, and
- 20 years in jail.
What are these regulatory compliance requirements?
A common issue with most regulatory mandates is the "consistency" of records management and handling. Almost all mandates call for a documented set of procedures that are consistently applied to all records. Organizations must also establish systems that provide complete audit trails of access to sensitive documents.
Examples
- Sarbanes-Oxley Act requires that all public companies document their financial reporting procedures.
- ISO Certification requires that all company activities are documented and these procedures are regularly reviewed and audited.
- SEC is in charge of enforcing the Sarbanes Oxley Act and has the same requirements.
- HIPAA requires that the handling of sensitive patient records is documented. Access to records are subject to strict controls and all access to any record is tracked.
- DoD 5015.2 STD Records Management Guidelines calls for a set of rules whereby documents are created, maintained, archived and destroyed. Not surprisingly, all actions taken on a document or record must be tracked.
For more information on Sarbanes Oxley Act of 2002, visit the Sarbanes Oxley Act of 2000 - Financial and Accounting Disclosure Information
For more information on Health Insurance Portability and Accountability Act, visit their site at HIPAA