Meeting compliance is important for businesses because it ensures that the company is operating within the legal and regulatory guidelines set forth by the government. Failure to comply with these regulations can result in fines, legal action, and damage to the company’s reputation. Additionally, compliance with industry standards can also help to protect the company from potential liability and legal action and can help to foster trust and confidence among customers and stakeholders. Overall, meeting compliance can help to protect a company’s bottom line and ensure that it is operating in an ethical and responsible manner.
All of these businesses are: mortgage lenders, mortgage brokers, motor vehicle dealers, payday lenders, finance companies, account servicers, check cashing companies, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, investment advisors and many more.
What must you do? It means your company must meet various technical requirements including data access limitations, multi-factor authentication, cyber security awareness training, and regular risk assessments. It also means your company must have a robust information security program.
Am I compliant? What do I need?
Our Plus 1 Plan already have access to many of the protections and documentation needed for this requirement. Please schedule a meeting here: Click to Book a meeting with me To discuss what your company needs to be in compliance.
