Your Business Checklist for SOX 404 Compliance: A Guide for Information Technology Leaders

By |2024-05-24T17:02:25-04:00May 15th, 2024|article, Cyber-Security, Data Compliance|

The Sarbanes-Oxley Act (SOX) of 2002 applies to all publicly traded companies and mandates strict controls around financial data. Section 404 of SOX can prove particularly complex, and in today’s digital landscape, addressing these requirements necessitates substantial IT involvement. This business checklist for SOX 404 compliance will help ease the process. SOX requires that companies establish internal controls over financial reporting (ICFR). However, it stops short of outlining specific practices. Thus, several frameworks have emerged over time to help companies organize their compliance efforts. These frameworks tend to include several key elements of particular importance to IT efforts: Risk assessment

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5 Important Ways GDPR-compliant Software Helps US Businesses

By |2024-04-22T16:09:45-04:00April 17th, 2024|article, Blog Archive, Data Compliance|

For the average US company, GDPR may seem half a world away and irrelevant. However, this “shot heard round the world” introduced an era of data privacy with far-reaching implications. Whether or not your business targets European Union (EU) residents, GDPR-compliant software helps US businesses in several unexpected ways. GDPR-compliant software addresses key areas that include the following: Data protection principles – Software solutions should have a specific purpose for the data they collect. They should collect only necessary data and use the data solely for the stated purpose, removing it when no longer needed. User rights – The software

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What is the Role of Cyber Security in Protecting Personal Data?

By |2024-04-03T09:13:21-04:00March 19th, 2024|article, Blog Archive, Cyber-Security, Data Compliance|

Businesses and public organizations depend on big data to provide personalized services, to innovate, and to guide business strategy. But they also have a legal and ethical responsibility to keep sensitive data safe. Business leaders cannot afford to underestimate or under-resource the role of cyber security in protecting personal data. The average business or municipal organization manages an astonishing amount of personal data. This includes health, financial, and employment data, of course. It also includes names, biometrics, Social Security numbers, contact information, and other identifiers. While individuals surrender personal information as a matter of course when transacting business, they expect

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Navigating the Labyrinth: Top 6 Compliance Mistakes Organizations Make

By |2024-04-03T09:19:01-04:00February 28th, 2024|Blog Archive, Data Compliance, Information Governance and Management, Technology|

In today’s complex regulatory landscape, staying compliant feels like negotiating a maze. One wrong turn can lead to hefty fines, reputational damage, and legal repercussions. However, when companies understand common compliance mistakes and take proactive steps, compliance becomes an organic part of doing business. 1. Ignorance is Not Bliss: Failing to Keep Up with Regulations GDPR took effect in 2018, initiating a cascade of regulations across the globe. New privacy laws and industry regulations appear on the scene every year, and governing bodies regularly make adjustments. If organizations neglect to stay on top of regulatory changes, they may mistakenly assume

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Why Companies Hate Data Compliance and How to Ease the Pain

By |2024-04-03T09:24:44-04:00February 7th, 2024|Data Compliance, Information Governance and Management|

No one wakes up in the morning thinking, “Wow, I just love regulatory compliance.” Multiple governments and industries each impose separate, complex, and sometimes conflicting regulations. And these data compliance regulations continue to evolve. Consequently, keeping track of the changing landscape can feel like playing a high-stakes game of Whac-a-Mole. Not playing the compliance game opens businesses up to a host of costly penalties, however, from fines to lawsuits and reputational damage. Consequently, businesses continue to invest in staff and equipment and pour time and resources into documentation, testing, and reporting. Meanwhile, data silos hinder efforts, and outdated technology struggles

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Prepare Now for Data Privacy Law Changes in 2024

By |2024-04-02T11:23:11-04:00December 6th, 2023|Data Compliance, Information Governance and Management, Privacy|

The privacy legislation trend shows no signs of slowing down. At least a dozen states have now enacted privacy laws, in addition to global laws already in place. And more states will inevitably pass privacy legislation in the coming year. Organizations should plan carefully to prepare for data privacy law changes in 2024 and beyond. New State Privacy Laws Taking Effect in 2024 Each year, a handful of states enact sweeping privacy legislation, and 2024 is no exception. The following new privacy laws will take effect in the coming months: Montana Consumer Data Privacy Act (MTCDPA) – This law goes

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Data Ethics and Responsibility Build Trust, Efficiency, and Competitive Advantage

By |2024-04-02T11:18:49-04:00November 21st, 2023|Data Compliance, Information Governance and Management, Privacy|

Data ethics and responsibility refer to the practice of using data in a fair, transparent, accountable, and trustworthy manner. Treating data responsibly extends far beyond simply achieving regulatory compliance. It involves carefully considering the impact of data on individuals and society. While it brings important business benefits, it requires strategy. For example, a university conducting social research on issues surrounding indigenous peoples has a responsibility to respect the cultural values of the indigenous community. This will involve first obtaining informed consent from the community and individuals involved. It also requires taking steps to ensure fairness and cultural accuracy in data

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Data Lineage Best Practices Enhance Data Quality and Usability

By |2024-04-02T11:16:35-04:00November 15th, 2023|Data Compliance, Information Governance and Management|

Organizations depend on quality data to drive strategy and innovation. To unlock data quality, data users need a better understanding of that data. This includes knowing where it originated, how it has been used, and how it has transformed over time. Enter data lineage, a type of metadata that traces the journey of data through the organization. Data lineage provides a visual map of data items from their origin through every access point. By helping users observe different touchpoints along the data journey, it enables data stewards to validate for accuracy and consistency. It also provides necessary context about historical

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Data-driven Business Cultures Spark Innovation and Power Decision Making

By |2024-04-03T10:59:01-04:00November 8th, 2023|Cyber-Security, Data Compliance, Information Governance and Management|

Successful businesses leverage data to create competitive advantage, inform decisions, optimize processes, and build customer satisfaction. But data-driven business cultures do not happen by chance. Data-driven cultures require both data democratization and data literacy. Data democratization involves the process of making data available to everyone in the organization, regardless of technical skills or roles. Data literacy, on the other hand, refers to the ability of those employees to understand, communicate, and use data effectively. Potential Roadblocks to Building Data-driven Business Cultures Despite having more data available than ever before, uncovering data value can prove difficult. For instance, because of data

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What US Businesses and Individuals Need to Know About GDPR Compliance

By |2024-04-03T10:57:31-04:00November 1st, 2023|Data Compliance, Privacy|

The General Data Protection Regulation (GDPR) took effect in 2018, increasing data protection for European Economic Area (EEA) citizens and residents. The GDPR impacts how organizations collect, process, store, and share personal data. While the law applies to individuals in the EEA, GDPR compliance also affects American citizens and businesses in certain situations. Failure to comply with GDPR can result in hefty fines, as well as reputational damage and legal action. For instance, Facebook’s parent company Meta was fined $1.3 billion this year for violating GDPR guidelines. Companies need to understand whether they fall under GDPR and how to achieve

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