Digital Experience | Pillar 3 Data | Lesson 7 Data Regulations and Compliance
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Raw Unedited Transcript | Digital Experience | Pillar 3 Data | Lesson 7 Data Regulations and Compliance
Now let’s talk about regulations and compliance. This might not be the most fun topic to cover, but it’s definitely a very important one. See, a bad compliance issue or some sort of compliance issue can shut down a company. This could be a restaurant that fails a cleaning inspection or a food inspection and then gets shut down. This could be a HIPAA violation at a doctor’s office and get shut down, as could be a GDPR issue by not regulating data properly and then facing fines and penalties for that. But by being able to understand these regulations and compliance and what’s going on with your digital experience or even your company experience can help you stay out of some pretty hot water. And in fact in some violations when your company loses data that actually gets reported to a repository that you can. Ever have your company name taken away from? So that means anybody at anytime can go and look and see what kinds of data has been taken from your company. In addition, depending on how your company was trying or even lack of trying to protect that data can determine how severe the fines and punishments are if there is some sort of compliance issue. So one of the first things to know with compliance is the impact, knowing how it’s going to impact your company. And I’m not saying if something goes wrong. What does that mean? Let’s assume that you’re doing everything right and you’re taking the steps to protect your organization. So it means as you build things out in a digital world or you build out these different experiences, what does that actually impact with your organization? See, you would not want to set up some sort of data connection, let’s say if you were a doctor’s office through a non HIPAA compliant situation, because if that third party or that connection were to get breached, then it could fall back on it. But if it was HIPAA compliant, then you can have some protections there just based on the way that Hippocamp clients itself works. So you want to know what kinds of steps you need to do and what it’ll take for you to be compliant. And then keep that in mind when you’re building out the digital experience. So that way you can make sure that you’re at least not putting yourself in a bad situation, that you’re at least doing what you can to still meet the regulations and compliance that face your industry or your particular business. And with that. Some can actually be very specific. There’s some technologies, there’s some regulations or some industries out there that have very specific rules and regulations that they need to follow in order to be compliant. So make sure that you understand that with whatever your company is getting into what you’re trying to do, how those are going to impact you. And in some cases, some of them, like GDPR will impact your company just because you have a website out there. Because you have an app or because you’re collecting data. So you want to make sure that even as you add on these different digital components into your company and go through these digital processes and add in a digital experience, that the compliance factors that are going to come into play, that you’re respecting them and that you’re taking them into consideration and understanding how it’s going to impact your business and how you’re going to fit it into the experience to face some of the consequences that can come from. Not following these, we see some of these penalties can be massive. We’re talking massive amounts of money. So that could impact any of the financial resources and the cost structures that you have in your company, because now you might have to do things to reallocate in order to make up for that. That could also mean actual penalties where your company gets shut down for a time while things are actually looked at. And so when your company isn’t operating then you’re also losing money. So you want to make sure that. Anytime you’re adding in some of these digital experiences or even just with the nature of your company that you’re being respectful of the compliance regulations that you face. So that way you don’t have to worry about some of these compliance issues and you can make sure that you’re offering a quality experience to all of the stakeholders involved. With that, keep in mind, if you weren’t following these compliance issues, maybe you didn’t think it was something to invest in, it wasn’t worth the money, but then something goes wrong. You can’t come back from that. Your business is going to be shown as a compromised organization and that’s going to impact how people will look at and want to work with your organization. You know, again, depending on the size of the organization, some have an easier chance of recovering over some things than others do. But again, by keeping them in consideration and respecting them as you work out and build an experience and especially a digital experience for your organization, then you can make sure that these consequences. Aren’t going to come back and get you. That’s what we have for this section and the next slides we’re going to go through and just recap some of the things that we have talked about in this section.