![]() Earlier legislation from the Sarbanes-Oxley Act (SOX) in 2002 introduced significant changes to regulating financial practices and corporate governance, while the Dodd-Frank Act of 2010 improved accountability and transparency across the financial system. Over the last two decades, and particularly since the 2008 financial crisis, the financial services sector has seen a complex web of regulatory compliance to ensure sensitive financial information is protected. With monetary incentives to adopt EHRs, healthcare organizations have spent the last 10 years capturing patient data electronically, providing patients with electronic health information, increasing health information exchange between providers, and reporting on their participation.įinancial Services: Sarbanes-Oxley and Dodd-Frank Act ![]() In 2009, the Health Information Technology for Economic and Clinical Health (HITECH) Act was enacted, mandating ‘the meaningful use of electronic health records (EHRs) throughout the United States healthcare delivery system as a critical national goal,’ according to the CDC. Since its introduction, HIPAA has added new legislation and standards that seek to expand protections for Protected Health Information, or PHI. HIPAA was passed to enhance and improve the portability of health coverage and insurance for individuals in between jobs. With pressure to ensure that sensitive health information is protected, healthcare organizations are required to comply with the Health Insurance Portability and Accountability Act (HIPAA) and regularly prepare for audits. While not an exhaustive list of regulatory compliance, below are some of the more common requirements found across various industries today. Let’s examine at a high-level regulations across healthcare, financial services, government, and retail, and provide insight into how Intermapper from HelpSystems can help you meet regulatory requirements and prepare for compliance audits in relation to your network and devices. Over the years, regulatory requirements and industry mandates have intensified, and additional legislation has gone into effect across various industries. The origins of regulatory compliance stem primarily from the 1990s and early 2000s, when a number of notable scandals, data breaches, and fraud prevention efforts required major changes in the way companies operated-from the way sensitive health information is protected across healthcare organizations to the way companies are required to report internal accounting controls to the Securities and Exchange Commission (SEC). Failing to demonstrate compliance through reporting can subject an organization to fines, lawsuits, damage to reputation, and even closure. But as industry standards and government regulations grow more complex, compliance reporting is often the most challenging element. Adherence to these laws, rules, and standards requires organizations to disclose their practices and ensure proper controls are put in place regarding the accuracy and legality of their reporting.ĭemonstrating full compliance also means that companies must prepare and produce compliance reports that are submitted to independent, third-party auditors or regulators. Nearly every industry today has regulatory requirements, industry standards, and security mandates that organizations in those sectors must comply with.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |