There are many things that businesses need to keep in mind when it comes to staying compliant, including their location, their industry, and the list could go on. Needless to say, it’s a lot to keep up with, no doubt about it. While yes, this is hands-down a critical aspect of running a small business, you should keep in mind that it’s complex.
In fact, this can be downright confusing as well as time-consuming. Besides, you’re expected to keep up with changes, like regulatory changes, both by the law and by industries too. Who actually has time for that? You’re expected to know things when you might not even have the time, energy, or even the resources to know.
Fortunately, advancements in technology have made it easier than ever for small businesses to navigate the compliance landscape efficiently and effectively. This isn’t just Googling questions or even asking certain things on OpenAI; it goes beyond that. But in what ways can technology actually be a lifeline when it comes to compliance? Well, here’s how!
Data Security and Privacy Tools
This definitely deserves attention first, especially considering that small businesses have the biggest target on their backs, especially when it comes to cyber criminals. They know that small businesses lack the major tools and security that big companies have, plus it’s easier to break down those walls, too. So, we’re now in an era of increasing data breaches and privacy concerns; small businesses must prioritize data security and privacy compliance.
Even if you don’t know what you’re doing, it’s still not an excuse, and the punishment and fines can be severe. You have to comply with things like GDPR and HIPAA (as examples). But it’s so easy nowadays, it really is. For example, encryption and multi-factor authentication are used for data loss prevention and privacy management platforms. In general, it’s just easier to mitigate these risks.
Automated Compliance Tracking
One of the most significant benefits of technology for small businesses is the ability to automate compliance tracking processes. While yes, this will vary from industry to industry, if your industry has something like this, you can basically feel like you have nothing to worry about. Seriously, the chance of human error goes down a lot.
What was mentioned earlier is that businesses can’t always keep up with changes, and automated compliance tracking software basically just lets you know automatically if there are changes and how your business can comply. While you might not be able to expect GIPS compliance if you’re doing investing management, since this is extremely niche, for more general compliance, a software tracking tool like this could be incredibly helpful. It never hurts to look into this.
Education Platforms and Employee Training
This may be low-hanging fruit, but it still deserves some attention! You need to think about the wealth of training, not just for you, but for your employees too! Nowadays, there’s compliance training software, and in fact, there are so many courses and services offered to educate employees, especially when it comes to industry-specific changes.
Just think about it for a moment: Nowadays, there are interactive training modules, quizzes, and certifications for employees, and all of these help ensure that they have the knowledge and skills needed to uphold compliance requirements! It really doesn’t get any better than that! Additionally, these platforms often offer reporting and tracking features to monitor employee participation and progress.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)
