ITAD Compliance Overview
Regulatory compliance, particularly in the ITAD industry, is an extremely imperative component. I.T. asset disposition service providers, including TechReset, deal with valuable inventory for resale: data destruction and erasure of sensitive information: promote environmental stewardship through correct recycling of retired I.T. assets; abide by specific processes and protocols; stick to health and safety standards.
Carrying out regulatory compliance throughout all processes will help to protect the reputation and resources of your business. Compliance lays the foundation on which the reputation of your company stands as it builds trust with customers, prospects, and vendors. To be compliant in the world of ITAD in Mississauga, we must understand compliance, the risks linked to the failure of being compliant and compliance risk management.
What is Compliance Risk?
Compliance risk is the potential exposure of an organization to legal penalties, financial forfeiture, and material loss, resulting from its failure to act in accordance with industry laws and regulations, internal policies or prescribed best practices.
Types of Compliance Risks
When categorized broadly, there are the five key compliance risks that every company should be familiar with. If an organization is implicated, it would fall under one or more of the following compliance risks:
- Workplace Health & Safety – Companies are legally required to follow stringent health and safety protocols. Such protocols are regulated by governing bodies – in the United States, these laws are put into effect by U.S. Food and Drug Administration and the Occupational Safety and Health Administration.
- Process Risks – A process risk is a failure to follow established procedures for completing tasks or standard processes. For instance, accessing the company network from a remote location. If an employee abuses the remote access procedure, it is considered a process risk.
- Environmental Concerns – Environmental compliance risks are linked to pollution and damage an organization’s operations and the process can cause. This consists of the destruction of natural habitats, use of harmful chemicals, inappropriate recycling of e-waste disposal and a lot more. These days, a lot of companies have integrated sustainability practices into their business strategies and are equipping their employees with effective resources to help them attain environmental compliance.
- Privacy Violations – This compliance risk entails the breach of privacy laws. This consists of malware, viruses, and hacking. Companies that keep an eye on sensitive information should have appropriate measures in place to care for the data and put off privacy violations.
- Corrupt & Illegal Practices – Make sure that the employees, agents, and organization are in adherence to the industry laws and regulations. Typical compliance risks concern illegal practices, including embezzlement, money laundering, bribery, theft, and fraud.
ITAD Compliance Risk Management
Compliance risk management is the process of making out, evaluating, and mitigating prospective losses that may take place from the noncompliance of an organization with standards, regulations, laws, and both external and internal policies and procedures. These management practices are put into practice to help organizations maintain compliance with a variety of laws and regulations.
Organizations should be aware of knowledge to their compliance risks on every level. Technical, financial, regulatory, legal areas and even information technology departments should be reviewed for possible compliance risks. If an organization can understand the potential risks, it is easier to avert them from taking place in the future.
TechReset and ITAD Compliance
At TechReset, we make the most of a well-managed ITAD program to lessen the threat of possible compliance risks throughout all of our processes. We make sure of this by keeping to our compliance risk management policy on every level of business. We do ITAD right!
Your information should not at all get to the ones with the wrong intentions. That is the reason every organization should practice safe data erasure in Toronto offered by TechReset. To discover more about the ways our professionals can help you to manage secure data center decommissioning, feel free to contact TechReset at 905 510 8969 or drop an e-mail at mark@techreset.com!