The Absolute Worst-Case Scenarios That Can Result From Non-Compliance
As we mentioned in our last blog, regulatory compliance is not a topic to be brushed aside. Non-compliance can result in some serious consequences, including:
Losing All of Your Clients
This may sound a bit extreme, but it’s possible in the absolute worst-case scenario. When you don’t take regulatory compliance seriously, your clients get worried. They are trusting you with their personal information, such as their credit card or health information. Imagine it yourself. How would you feel if your credit card information wasn’t protected up to government standards?
When a business is non-compliant, it can destroy their reputation. And, as all businessmen and women know, your company’s reputation is essential for its survival. The trust and confidence that your clients have can be a direct effect on your enterprise’s bottom line. Non-compliance can absolutely destroy that.
Losing (Almost) All of Your Money
Non-compliance comes at a price. Violation fines can get very expensive. For example, violating SOX compliance can result in a fine of more than $10 million. $10 million. That’s an extraordinary amount of money that could easily have been saved otherwise.
With a trusted partner like Cognoscape, we’ll make sure that you never fall into that danger zone. We know how hard you’ve worked for your success, so it would be completely devastating if it all can crashing down due to something as preventable as non-compliance.
In the worst case scenario, non-compliance can also result in jail time. SOX compliance violations can actually amount to up to 30 years in jail. This is not only the most devastating way to ruin you and your business’ reputation, but it could also put you out of business, permanently.
Avoid Non-Compliance with Cognoscape
Cognoscape will make sure that none of your IT equipment or IT practices are ever in violation of the law. Our experts are always staying up-to-date on the latest changes and requirements, and we promise to always relay that information back to you and make the necessary changes. We’ll help you keep all your clients, your business success, and, most importantly, keep you out of jail. Give us a call.