Compliance worst-case scenarios and how to avoid them

Non-compliance could happen as a result of anything from a data breach to a ransomware attack. As new regulations are continually introduced, companies have all the more reason to develop a compliance management program that can not only keep them up to date, but protect them from outside attacks that can be damaging.

What is the real cost of non-compliance?

Without taking the proper steps towards effective compliance management, many companies will face the consequences. For some that means fines and for others it could mean product loss. Either way, non-compliance can cost an organization.

Here’s a few examples of what non-compliance cost these companies:

• Equifax: A data breach in 2017, which included the loss of around 150 million people’s personal information, cost Equifax around $575 million
• Marriot: Paid a $124 million fine that was fortunately later reduced
• Uber: Poorly handled a breach in 2016 and ended up paying almost $150 million
• Medical facilities: 2018 was a tough year for many medical facilities as a health data breach had the US Department of Health and Human Services collecting major fines

How to avoid compliance worst-case scenarios

Sure, the examples listed above were situations that came with extensive consequences. These companies are each big brands that are in a decent position to be able to deal with the legal and regulatory compliance issues that go thrown their way. But what about companies who are smaller and don’t necessarily have the means to even begin to face the costs that come with non-compliance worst-case scenarios?

The bottom line for companies, regardless of whether they’re a big brand or a small company just getting their feet off the ground is to practice compliance management. Even the smallest of incidents can have a great impact on the reputation and financials around a company.

Protection with compliance management

You might be wondering where to start when it comes to creating and managing a compliance policy for your workplace. One of the best ways is to implement a visitor management solution.

Visitor management solutions replace the dreaded pen and paper that often exists at the front desk of your organization. Instead of having visitors sign in on paper which comes with tons of additional risks, a visitor management solution helps you to stay organized, secure, and most importantly, enhance compliance.

Why visitor management compliance solutions work

Plain and simple, visitor management solutions like Sine allow companies to streamline their compliance processes. Here are a few ways they do so:

• Organizations can keep a close eye on who is visiting their facility
• Health and safety regulations can be shown to visitors entering your the workplace
• Visitor identities can be easily verified visitor badges
• Blocked visitors can be flagged and denied access if they have been listed as a non-permitted visitor
• Sign-in flow is made seamless
• Wi-Fi access integrations are secure and can be readily available to guests when and if they need it. It can also be protected to keep unwanted users from accessing it
• Companies can completely digitize and automate their entire induction processes (among all other workflows)
• Admins can create custom inductions, permits, SWMS, access requests and inspection workflows

While perfect regulatory compliance is something that can be difficult to achieve, getting close to perfect is a lot more achievable with the right tools on your side.

As you log your visitors and take the time to manage them, the process is simplified when it comes time for an investigation. It’s all about taking preventative measures and getting as close as you can to all around compliance.

Compliance management made simple

Investing in effective compliance management can help your organization protect your business operations against breaches and maintain your brand reputation.

Not only can Sine save your staff time, but we can also help you create an audit trail. With this, you can reduce the likelihood of non-compliant individuals from entering the site.

Now that you understand what an effective compliance management system offers, are you ready to get started? Book a demo with our team today.

Book a free demo with the Sine team today!