In today's business environment, it is essential to have an accurate understanding of regulatory compliance. In 2008 and continuing into 2009 a vast array of companies throughout the United States and global economy were in financial crisis. The respective governments responded with bail-outs to rescue many of the companies in the banking, financial and auto industries, but others were left struggling to survive a tumultuous economy while others were left to fail.
In order to justify the bail-out cost of over one trillion dollars, the U.S. Government is in the process of establishing strict controls of regulatory compliance laws for ALL companies, large and small. Regardless of whether you are a major public company or a small family business, it is important to know how compliant your company is with the increasingly complex regulatory laws and standards of today, tomorrow and is yet to come. There is a wide misconception throughout corporate America that a ?successful? audit implies full compliance with the applicable rules and regulations. Unfortunately, many companies realize too late that this is certainly not the case.
Regulatory Laws ? Regulatory Laws govern all levels of compliance including Infrastructure, Security and Sarbanes Oxley 404.
Infrastructure ? Regulatory compliance has emerged as a major force shaping IT infrastructures. However, the majority of new rules and regulations are not directed specifically at technology, but rather at business processes such as records retention and retrieval, privacy, security, and the accuracy of data. However, because most business information is managed electronically to comply with regulatory mandates, compliance will require many enterprises to rework their IT systems.
Security ? Technical controls covering encryption, application hardening, email filtering, scanning and monitoring are still in their infancy and have not yet peaked in the hype cycle. This means that many organizations are still working towards developing and implementing such solutions and the majority of these organizations still do not have these technologies on their radar. It is estimated that less than 1% of organizations encrypt their mobile data.
Compliance - U.S. companies spend more than $1 trillion on regulatory compliance each year, and these costs are rising globally.
Taurus Compliance Consulting, LLC offers cost effective compliance solutions by working with clients to develop, implement and maintain programs to protect their customers and company reputation. The first step in developing an effective compliance program is to define the myriad of compliance risks applicable to the nature of a particular business. Once identified, the risks can be measured, analyzed, improved and most importantly controlled.