6 Essential Elements of a Compliance Program

To learn how to build a compliance program, download our checklist now.

Compliance is Achievable 

A compliance program ensures that a business complies with laws or regulations relevant to it. However, most SMBs are not very excited when it comes to compliance. Some of those businesses believe compliance is only for large organizations. Nothing could be further from the truth. SMBs need a compliance program to minimize risk and decrease inefficiencies.

HIPAA violations can cost anywhere between $100 to $50,000 per violation and run as high as $1.5 million per calendar year of neglect. Similarly, GDPR violations can cost anywhere between 2% to 4% of company turnover. 

To help you effectively achieve compliance, we’ve developed a checklist that lets you understand the Six Essential Elements of a compliance program:

1. Executive Sponsorship
2. Business Impact Analysis & Risk Assessment
3. Chief Compliance Officer (CCO)
4. Data Governance Strategy
5. Monitoring, Testing and Updating
6. Routine Employee Training