One example of the safeguards that have been put in place is found in the Sarbanes Oxley Act. This act affects US companies as well as their foreign subsidiaries. In this act, specific guidelines were set forth that must be maintained by all companies. The main focus surrounds data protection and exclusivities. It requires that documents that contain business information only be seen and read by people with the correct authority to view it.
It helps put controls in place that will protect a business and the investors. A good example of this can be seen in a payment center. One group of people has access to load new accounts into a protected computer system. These people should not have the access to authorize payment to one of these accounts. The group that is responsible for approving payments should not have the ability to load new accounts.
This keeps the loaders from loading personal accounts to be paid and the group that approves the payments from approving payments on a personal account. This is a checks and balance system that is very necessary to protect the integrity of the system. This act also deals directly with information releases. There are certain pieces of information that only specific people should have access to.
As part of the Sarbanes Oxley Act of 2002, audits are done on businesses to ensure proper compliance. This opens the doors for people who have begun compliance careers. Compliance employment has become a very necessary part of a business in order to remove anything that could cost the company large fines or possible imprisonment if they are not compliant.
The Data Protection Act of 1988 is a counter part to the US laws laid out in the Sarbanes Oxley Act. It applies some similar policies and practices to companies in the UK but what happens when there is a conflict between the two policies? This is where jobs in compliance come into play.
Anyone interested in compliance careers should know that they will be deciding factor when conflicts arise. It will be their responsibility to ensure compliance in all areas required by law. The data protection responsibilities are very important in jobs in compliance. Compliance employment is a very necessary part of a company and the job should be taken seriously.
Protecting the integrity and confidentiality is very important. If information is leaked to someone that can use the information for malaise it can cause devastating outcomes to everyone involved. A great example of this came with the Enron scandal in recent years. If the vital information was not misused, many people would not have lost their full vested retirement amounts and many others would not currently be in prison.
The regulation guidelines that are in place for businesses are very important and should be taken very seriously. Jobs in compliance are vital to the protection of a business. This is a great career path to take if you can keep your eyes open for faults that could be potentially very negative for a company.