{"id":4349,"date":"2021-07-22T17:28:11","date_gmt":"2021-07-22T21:28:11","guid":{"rendered":"https:\/\/www.talentrise.com\/?p=4349"},"modified":"2021-08-24T11:17:47","modified_gmt":"2021-08-24T15:17:47","slug":"mitigating-top-business-compliance-risks","status":"publish","type":"post","link":"https:\/\/www.talentrise.com\/mitigating-top-business-compliance-risks\/","title":{"rendered":"Mitigating Top Business Compliance Risks"},"content":{"rendered":"\n

Financial budgets are tighter than ever before. Cybersecurity risks loom large. Regulatory requirements are becoming more stringent by the day. In today\u2019s changing business environment, companies have been forced to overcome these various challenges to keep themselves out of harm\u2019s way.<\/p>\n\n\n\n

Regardless of whether your organization has a dedicated compliance officer on staff, there are growing compliance risks that must be accounted for in the months ahead. Does your business have a suitable plan in place to protect itself from these liabilities?<\/p>\n\n\n\n

Here are some of the most pressing compliance risks that organizations will face in the months ahead\u2014and how your company can mitigate them.<\/p>\n\n\n\n

Pay equity<\/strong><\/h2>\n\n\n\n

Take a look at your business\u2019s compensation strategy. Does it look a little antiquated? If so, consider updating your pay scales to more accurately reflect current market trends. Gather your HR and finance executives together to discuss an approach that is suitable for your company. When putting together this plan, be mindful of state and federal laws that have enforced equal pay legislation. According to NBC News<\/a>, 49 states have adopted equal pay laws\u2014Mississippi is the lone exception\u2014so be sure to read up on the rules that govern your local jurisdiction.<\/p>\n\n\n\n

IT and data security<\/strong><\/h2>\n\n\n\n

Cyberattacks have been on the rise in North America\u2014particularly after the start of the pandemic. The FBI reported a 300 percent increase<\/a> in cybercrimes since the outbreak of COVID-19. Does your organization have the necessary safeguards in place to shield itself from harmful intruders? Beyond implementing a robust tech infrastructure with the integration of two-factor authentication, companies should also conduct cybersecurity training for all employees. Studies\u2014like the one conducted by Cybint<\/a>\u2014show that 95 percent of cybersecurity breaches are caused by human error. By educating workers on how to recognize and avoid phishing scams, these organizations can avert potential disasters from surging cyberattacks.<\/p>\n\n\n\n

Employee fraud<\/strong><\/h2>\n\n\n\n

Although this may not be an idea that is top-of-mind for many company executives, businesses must be cognizant of their employees\u2019 activities while working from home. Many have considered the COVID-19 crisis to be the \u201cperfect storm<\/a>\u201d for employee fraud. With greater autonomy and less supervision, workers have been given never-before-seen amounts of control over their everyday work lives. Organizations should look to integrate an auditing team or department to mitigate the impact of potential internal fraud.<\/p>\n\n\n\n

Learn more about how your organization can protect against employee fraud<\/a>.<\/p>\n\n\n\n

Misclassifying workers<\/strong><\/h2>\n\n\n\n

According to a recent study from Forbes<\/a>, about 14 percent of American workers stated that being an independent contractor was their primary job. Does your organization utilize a population of independent contractors? If so, there is a chance that some of these resources may be misclassified. The incorrect categorization of independent contractors can generate substantial losses to both the federal and state governments in the form of lower tax revenues. Businesses that are found to be misclassifying ICs can face severe civil and criminal penalties\u2014which represents a significant compliance risk. Be sure that your organization is not punished for wrongdoings when classifying independent contractors.<\/p>\n\n\n\n

Remote work preparation<\/strong><\/h2>\n\n\n\n

One of the most critical areas of workforce and compliance planning deals with the preparation for remote work. From technology and internet connectivity issues to legal and privacy concerns, there are dozens of moving parts that must be squared away before a company can feel confident about its remote work strategy. Despite the savings that may come from lesser office and other operating expenses, factors such as heightened IT security bills and increased tech equipment expenditures may add unexpected amounts of money to overall business costs. Before making any decisions on remote vs. in-office work, survey your employees to generate an understanding of their wants and needs.<\/p>\n\n\n\n

Summary<\/strong><\/h2>\n\n\n\n

In the ever-evolving business world, organizations must always remain on their toes to prepare for potential compliance risks. Whether companies are enhancing their cybersecurity programs, modernizing their compensation structure, or preparing for a remote workplace environment, businesses must be mindful of potential threats that can undermine their success. By emphasizing compliance and placing it at the forefront of the organization\u2019s overall business strategy, companies will effectively mitigate the abundance of risks that currently exist today.<\/p>\n\n\n\n

Interested in learning more about post-pandemic talent trends? Check out Carl\u2019s latest \u201cTalent Talk\u201d conversation with Patrick Worsham, Chief Financial Officer at Delta Financial Group and Mother Kombucha, here<\/a>. <\/p>\n\n\n\n

This blog was written by TalentRise\u2019s Senior Vice President Carl Kutsmode<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial budgets are tighter than ever before. Cybersecurity risks loom large. Regulatory requirements are becoming more stringent by the day. In today\u2019s changing business environment, companies have been forced to overcome these various challenges to keep themselves out of harm\u2019s way. Regardless of whether your organization has a dedicated compliance officer on staff, there are […]<\/p>\n","protected":false},"author":3,"featured_media":4350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,9],"tags":[],"class_list":["post-4349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","category-trends"],"acf":[],"yoast_head":"\nMitigating Top Business Compliance Risks | Business Continuity | TalentRise<\/title>\n<meta name=\"description\" content=\"Here are some of the most pressing compliance risks that organizations will face in the months ahead\u2014and how your company can mitigate them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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