How regulatory compliance differs between industries

Compliance programs are the policies and procedures that a company may put in place in an effort to comply with the various laws and regulations that affect their industry. For financial institutions, understanding laws like the Bank Secrecy Act (BSA) is an important part of developing the procedures that your business will need to follow to maintain regulatory compliance. However, financial institutions are not the only companies that are required to develop compliance programs for various government regulations. For example, insurers and healthcare workers alike should be familiar with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), a federal law that aims at protecting a person’s sensitive health information and safeguarding their privacy.

Basics of industry compliance

The laws that govern various industries in the United States are extensive. Familiarizing yourself with the policies that may affect your operations is an important part of developing a comprehensive compliance program that aims at protecting your company’s reputation and legal standing. Business, healthcare, human resources and food safety are just a few of the industries that are subject to certain governmental policies and regulations. 

Tailoring compliance programs to relevant policies

Because the regulations that your company is expected to follow vary so widely between industries, no compliance program will look exactly the same. Where healthcare companies need to concern themselves with patient privacy, financial institution’s policies may instead focus on issues like reporting suspicious activity and maintaining records that support BSA/AML compliance. Human resources departments, which are found at companies across industries, may need to stay up to date with a range of laws that concern hiring and managing employees. 

Compliance training programs

Once you have developed a compliance program that is tailored to your industry, a training program may be used to help everyone in your organization understand the policies and procedures that are to be put in place. Training programs may help individuals across the company understand their role in maintaining regulatory compliance, and are aimed at communicating internal responsibilities and effective practices. 

Consulting a professional for compliance program development

When developing a compliance program, you may find it helpful to consult a professional that specializes in staying up to date with current regulatory policies. Policies often change. A professional can advise you on the regulations that affect your business the most, and will work with you as you develop company procedures that address those regulations. 

Whether you are developing a new compliance program from scratch or seeking to update existing procedures, the consultants at Bates Group, LLC can help you discuss the next steps. Our consultants will help you develop a compliance program that strives to address the finer details of your industry and business model. If you have questions, please contact us to discuss our services or schedule a consultation.