Accountability = Growth
Becoming compliant will save your business money, time, and enhance productivity.
Digital compliance is easy to overlook in the process of growing a business. For industries exchanging sensitive information like banking, healthcare, and e-commerce, it is crucial to monitor compliance risks. Many businesses are subject to strict rules and regulations that they aren’t even aware of. Due to the abyss of rules and regulations there seems to be a general ignorance about digital accountability.
Federal accountability requires taking the initiative to proactively adhere to digital rules and regulations. We are an agency that works with businesses to audit and assess digital compliance risks, sustainability, and growth strategy. Our goal is to help you become compliant, and move toward sustainable long-term growth.
A Costly Error
In 2016, an employee’s iPhone was stolen at a healthcare facility in Philadelphia. The phone contained digital PHI files, social security numbers, treatment and diagnosis information, addresses, payment info, medication prescriptions, and more.
The iPhone wasn’t encrypted. The health care facility didn’t have its own password protected app. To make matters worse, the phone was stolen outside of business hours and the information could easily be downloaded. 412 people’s personal information was stolen that day, and someone had to be held accountable.
The violation occurred at the Catholic Health Care Services of the Archdiocese of Philadelphia. The patients were nursing home residents and their family members. The facility was fined $650,000. That fine came from the federal government and didn’t include the lawsuits or legal fees that would follow.
Imagine losing 6-months of progress & earnings because of a small data breach. Failure to follow a simple protocol could shut down your entire business. As an added form of punishment, there are laws that require every data breach to be exposed to the public. That could definitely taint your reputation.
Governmental organizations and labor unions like HIPAA, ADA, PCI, CDC, FDA, SEC, FTC, and FDIC, are finding systematic holes in small business processes, and shutting them down before they can really grow. If your business is mid-range or larger, it’s even more important that you make an effort to become compliant immediately.
When allocating your budget towards marketing and logistics, something must be put aside for risk management. Being non-compliant in this digital age is very risky. Large fines and court fees can be detrimental to a growing business.
“I went from wondering how I was going to pay my overhead to wondering why I didn’t contact them sooner.”Gregory Brooks
“It feels like you’ve got a large organization working to grow your company, and at the same time they give you one on one attention. They really cover all bases: creativity, innovation, logic, analytics, customer service, and they’re great at SEO.”Desi Strong
Compliance Saves Money & Time
Mistakes in the digital world cost much more than physical mistakes. A typo can create 10x the problems of a misprint. A stolen iPhone can cost you much more than a stolen phone book. News spreads more quickly than ever. It no longer requires hours at the printing press, followed by bicycle delivery. It can also be widely distributed within seconds. A disgruntled employee might make an anonymous complaint which results in a surprise inspection that same day. Actions like that can cost a business a lot of time and money.
It turns out, whistleblowing is 70% more common than in the mid 2000s. Whistleblowers are becoming a huge threat to both businesses and consumers. Because everyone has a family to provide for and personal goals, we all want to make money. However, a good employer knows that rewarding their employees will motivate them. They are not generally motivated by punishment. Employees are not always as loyal, or as passionate about the business as the owner. Because of this increase in whistleblowing, more businesses are being fined today than in the past. Modern generations don’t value keeping a job as much as in the past. More business owners are going to prison as well.
Growth & Massive Productivity
In the meantime, compliant companies are growing faster than ever. Being accountable as a business means that you are taking proactive responsibility to follow regulatory guidelines. It shows consumers, employees, and governmental entities that you value the people you’re providing a service to. Additionally, it shows that you’re not just in it for the money.
Progress not Perfection
Today, it is possible to make 100 years progress in just a few months. On the contrary, it’s also possible to lose 6 months progress in 30-seconds. This is such an exciting time to own a business. It’s equally as exciting to be a consumer. New products offer so many unique experiences to modern consumers. Millennial consumers are also much more adventurous when it comes to how they spend.
No matter how much money your business is making, you’re still subject to the rules and regulations of the federal government. Compliance is a necessity to expedite business growth in the modern world. Our first priority is to get you compliant, then we want to help you expedite growth.
42% of businesses have had a data breach in the last 12 months.
60% of Executives say there's increased pressure to respond faster to changing regulations.
73% Expect that increases in compliance complexity will likely consume additional resources over the next two years.