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The Most Critical Threats to Your Business in Chicago

By: Ted Banks

Compliance programs and liability concerns are incredibly important for your business and its employees. Though businesses and corporations are really beginning to understanding the importance of compliance liability programs, there are still many businesses that don’t have the necessary systems in place. The problem that these businesses face is one of education. They simply aren’t aware of all the constantly changing compliance liability threats to their business, and the failure to implement systems that address the latest risks by adhering to the latest compliance standards could ultimately cripple your business. There are many components of compliance programs to mitigate liability, but the following are some of the more common concepts.

Records Management

Not only does records management help improve the financial accuracy of your business, but it also protects you from future liabilities by providing proof that a certain transaction was carried out or a requirement was met. For example, in the medical world, advanced record management systems are mission critical because of all of the patients’ background information that needs to be stored, accessed, and secured.

FTC Compliance

The Federal Trade Commission is always enacting new regulations that have the ability to change the way we do business on a massive scale. To limit your liability, your business will likely need to incorporate some form of protection against FTC compliance concerns. Fortunately, the professionals at Compliance & Competition Consultants, LLC are FTC compliance monitors, and we can help you avoid a future disaster.


Security Compliance

We live in a world that is becoming more digital by the minute. Today we have created more information than existed in the entire world just 10 years ago, and every piece of information we create, store, and send could potentially be captured or compromised. As such, there are stringent security practices that need to be followed in a variety of industries to ensure that an organization is diligent in securing their customers records. It seems like every month we hear about another Internet hacker who successfully stole thousands of records such as usernames, passwords, or credit card information from a reputable company. You compliance program needs to incorporate technology and security concerns to reduce your liability.

Compliance Issues Centered around Mergers & Acquisitions in Chicago

Mergers & acquisitions can cause a lot of problems if you don’t cover your bases. There is a lot of work that needs to be done to seamlessly integrate multiple businesses, but one wrong step could create a compliance disaster. However, if you work with our professionals, we can help you identify any potential risks and mitigate those risks so you have the peace of mind that you won’t incur any massive setbacks from compliance failure.

Protecting the Future of Your Business in Chicago

You work hard to run and grow your business, so you should do everything in your power to protect the time, money, blood, sweat, and tears you have invested in your company with a compliance program that will reduce your liability.