While many large companies —especially those in highly monitored and regulated fields— have chief compliance officers, most medium-sized and small businesses do not have the size and funds to keep the position on full-time.
Hiring fractional general counsel can help. A freelance attorney can step in to help with the components of a compliance program, including:
The content of these compliance components will depend on your industry regulators and laws. For instance, if you are a private practice doctor, you must make sure you are in compliance with HIPAA, OSHA, the CMS, the CDC, and the FDA. In finance, you must comply with the Banking Security Act (BSA), the Fair and Accurate Credit Transactions Act (FACTA), the General Data Protection Regulation GDPR, and Common Reporting Standard (CRS), among others.
Even general businesses must ensure they are in compliance with state and federal regulations concerning employment policies, health and safety, and general fiduciary responsibility.The government does not care if your non-compliance is an honest mistake; you will face the repercussions either way. The consequences for being found non-compliant can range from fines and citations to major lawsuits and even the enforced closing of your business. So make sure you take the appropriate legal steps to protect yourself, your employees, and your business by having an attorney ensure you are truly in compliance.
Do you have a legal question? Don’t try to figure it out yourself. Contact our team today and we can discuss if our services meet your needs, or at the very least, point you in the right direction.
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