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Atricle Dump - Compliance and Regulation: Impacting on the Global Business Community
When one owns a place of business, such as a movie theaters/cinema, it is important that the environment is comfortable for customers. This comfort factor makes gum removal in movie theaters/cinemas a matter of concern. After all, a moviegoer who finds gum stuck somewhere on his or her clothing is not often a happy customer. She or he may not return; it may be decided that it would be better to frequent a movie theater/cinema where gum removal is taken more seriously.Gum removal in movie theaters/cinemas: a more pressing concern.What makes gum removal in cinemas more pressing than gum removal in other businesses is the nature of this business. After each showing of a movie, another group of customers moves into the semi-dark cinema to enjoy the movie. Most cinemas hurriedly engage in quick carpet cleaning and sweeping, but stain removal is reserved for when there is more time to remove carpet stains and stains to the seats.Chewing gum, however, is another story. If the chewing gum pollution in the cinema is not observed and then taken care of immediately, then an unwitting customer may sit or step in the gum. Gum removal in cinemas is important to take care of these problems. If the customer sits on gum, that person will be upset that the cinema has not received proper cleaning services prior to his or her sitting down. If the customer steps on gum, that gum may be tracked all over the cinema, or embedded in the carpet, leaving stains and forc
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to
Part 1 of Having a Successful BusinessIn this series, it’s important to show that successful people aren’t better than you; they just made better decisions. This section will see if you’re ready to go out build a better future.Have a little fun at work tomorrow with some of your co-workers. Go up to about three to five people and ask them what they plan on achieving in the next ten years.It’s a safe bet that these same people YOU ask for important advice will give you an answer that will be mediocre at best.Not saying these people aren’t going somewhere…but are they going where you want to ultimately end up?Everyone wants the “American Dream” but they want for that bus to pick them up. Here’s a better example. There are two ways to get to the top of a tree: 1) start climbing or 2) wait for a sprout from the acorn.A brutal truth needs to be understood here. You will not achieve anything unless you are willing to work for it.Your best chance of living YOUR dream life is to be the lead character IN your life. Now I know that everyone leads busy lives and has many things to be accountable for. It’s a huge club.But just how big of a slice of the pie are you willing to cut for yourself?What this boils down to is the one simple characteristic that separates the five percent of people from the other ninety-five percent: DESIRE.Such great achievers like Bill Gates, Donald Trump, our Presidents, and
The latest compliance standards focus on greater accountability and control in key business processes – most importantly document flows and data management.
There are two central aspects to enforcing compliance:
• The corporate duty of care in enforcing standards
• The need for legal protection in the event of litigation or a dispute
Non-compliance is not an option, companies risk stiff fines and executives can be held personally liable if information is not in order. Therefore, it is important that the business examines all regulations, not just those affecting their specific area of operation, but also generic legislation affecting general business activities.
The consequences of non-compliance are extremely serious; in December 2002 the SEC fined five Wall Street brokerages a total of $8.25m for improperly storing e-mail communications (Forrester Research).
Distributing documents for approval, whether in hard copy or electronic form, raises security issues. Who is authorised to access documents, and what information can they access within them? This is particularly important to ensure compliance with legislation such as the Sarbanes Oxley Act, which applies to US companies and their foreign subsidiaries; and in the UK, the Data Protection Act and the Freedom of Information Act.
Document processing software such as Tokairo’s TokOpen system addresses these challenges and automatically enforces compliance. Every action relating to individual document access is audited, access is limited to specified personnel, and actions they can undertake are also controlled. Software can also restrict access to different information within a document, to different specified users or groups within an organisation.
This ability to allow different information in a document to be seen by different users means that the divergent needs of the Data Protection Act and the Freedom of Information Act can both be met automatically, without the need to make copies of documents.
This flexibility can also extend to the hierarchy of approval based on the value of an invoice. So if a member of staff is not allowed to approve payment of an invoice of over ?500 for example, it can still be checked by them, but then can automatically be escalated to a superior for payment sign-off.
The following are some of the most recent regulations, and the effects they can have on corporate document management strategies:
Sarbanes Oxley Act 2002
This is a key driver of compliant corporate document management systems. In the US non-compliance is now a Federal offence, carrying a penalty of up to 20 years in prison. US subsidiaries in the UK are also required to comply with this legislation. The European Union is expected to introduce similar rulings for member countries.
Under section 302, the CEO and CFO must certify that reports accurately show the company’s financial condition and results. In addition, they must certify that they have established and evaluated internal controls to ensure accurate recording and reporting of performance. Any deficiencies in these controls as well as any fraud at management level must be reported.
Section 404 requires annual reports to detail internal controls that are in place to ensure accurate financial reporting, as well as an assessment of their effectiveness.
This can have a significant impact on a document management system. For example, a company without clear control and visibility of approving invoices for payment could be in breach of the Sarbanes Oxley Act.
Data Protection Act 1998
Regardless of what document management system may be in place, personal information for business use needs to be handled in compliance with the Data Protection Act 1998. A secure document management system such as TokOpen can help with compliance, as it reduces the scope for theft or accidental loss of personal and confidential data. It can also facilitate the execution of valid requests for such data.
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to
Women business owners are increasing substantially, and if they go through the proper channels there are several governmental organizations set up to play a support role in helping those companies thrive. But as many things associated with state and federal governments, a slow-moving bureaucracy can bog down by the process.One of the biggest boons for women-owned businesses came in 1999, when Congress passes legislation that set aside contracts for women-owned companies in typically male-dominated industries. In addition, securing a federal contract can mean millions to a small and growing business. The legislation, however, hasn’t quite worked out as planned.“The number of women-owned businesses is astounding,” Susan Phillips Bari, president of the Women’s Business Enterprise National Council told the Associated Press in a recent article. “Our issue is not with the number of businesses, but rather with their access to contracts in the government and private sector.”The federal government’s pledge of awarding 5 percent of federal contracts to women-owned firms fell short in 2004, coming in at 3 percent. In percentages, that may seem like a small number, but in dollars that number translates into the billions. Because of this shortfall, the U.S. Women’s Chamber of Commerce went to court last fall, and won a hearing that demanded the Small Business Administration begin enforcing the 5 percent mark. With the court behind them, experts believe th
Distributing documents for approval, whether in hard copy or electronic form, raises security issues. Who is authorised to access documents, and what information can they access within them? This is particularly important to ensure compliance with legislation such as the Sarbanes Oxley Act, which applies to US companies and their foreign subsidiaries; and in the UK, the Data Protection Act and the Freedom of Information Act.
Document processing software such as Tokairo’s TokOpen system addresses these challenges and automatically enforces compliance. Every action relating to individual document access is audited, access is limited to specified personnel, and actions they can undertake are also controlled. Software can also restrict access to different information within a document, to different specified users or groups within an organisation.
This ability to allow different information in a document to be seen by different users means that the divergent needs of the Data Protection Act and the Freedom of Information Act can both be met automatically, without the need to make copies of documents.
This flexibility can also extend to the hierarchy of approval based on the value of an invoice. So if a member of staff is not allowed to approve payment of an invoice of over ?500 for example, it can still be checked by them, but then can automatically be escalated to a superior for payment sign-off.
The following are some of the most recent regulations, and the effects they can have on corporate document management strategies:
Sarbanes Oxley Act 2002
This is a key driver of compliant corporate document management systems. In the US non-compliance is now a Federal offence, carrying a penalty of up to 20 years in prison. US subsidiaries in the UK are also required to comply with this legislation. The European Union is expected to introduce similar rulings for member countries.
Under section 302, the CEO and CFO must certify that reports accurately show the company’s financial condition and results. In addition, they must certify that they have established and evaluated internal controls to ensure accurate recording and reporting of performance. Any deficiencies in these controls as well as any fraud at management level must be reported.
Section 404 requires annual reports to detail internal controls that are in place to ensure accurate financial reporting, as well as an assessment of their effectiveness.
This can have a significant impact on a document management system. For example, a company without clear control and visibility of approving invoices for payment could be in breach of the Sarbanes Oxley Act.
Data Protection Act 1998
Regardless of what document management system may be in place, personal information for business use needs to be handled in compliance with the Data Protection Act 1998. A secure document management system such as TokOpen can help with compliance, as it reduces the scope for theft or accidental loss of personal and confidential data. It can also facilitate the execution of valid requests for such data.
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to
Since profit is what you are left with after you have paid your business costs, it stands to reason that one of the ways you can increase your profit is by reducing your overheads. In this article we will share some key strategies to help you reduce your overheads and grow your business.Reducing OverheadsWhilst a quick fix solution to the issue of reducing overheads is always possible, businesses need to adopt a long term approach.The challenge is to considerably reduce overheads without damaging the business’ development and ability to deliver to its customers.This means that companies should avoid cutting overheads to a level where it is difficult for them to function effectively.Research and development along with advertising costs can normally be cut without too detrimental an effect. Furthermore, because they can be cut immediately their effect on the reduction of overheads can be felt straight away.Other simple ways that you can reduce your overheads include renting equipment rather than buying it so that you do not have to lay out significant amounts of cash in one go; letting out part of your office space if you own it and renegotiating payment terms with your suppliers.A number of companies seek to reduce their overheads by cutting down on the number of people that they employ and staff hours. The trouble with this method of reducing overheads is that company morale can be affected an
This flexibility can also extend to the hierarchy of approval based on the value of an invoice. So if a member of staff is not allowed to approve payment of an invoice of over ?500 for example, it can still be checked by them, but then can automatically be escalated to a superior for payment sign-off.
The following are some of the most recent regulations, and the effects they can have on corporate document management strategies:
Sarbanes Oxley Act 2002
This is a key driver of compliant corporate document management systems. In the US non-compliance is now a Federal offence, carrying a penalty of up to 20 years in prison. US subsidiaries in the UK are also required to comply with this legislation. The European Union is expected to introduce similar rulings for member countries.
Under section 302, the CEO and CFO must certify that reports accurately show the company’s financial condition and results. In addition, they must certify that they have established and evaluated internal controls to ensure accurate recording and reporting of performance. Any deficiencies in these controls as well as any fraud at management level must be reported.
Section 404 requires annual reports to detail internal controls that are in place to ensure accurate financial reporting, as well as an assessment of their effectiveness.
This can have a significant impact on a document management system. For example, a company without clear control and visibility of approving invoices for payment could be in breach of the Sarbanes Oxley Act.
Data Protection Act 1998
Regardless of what document management system may be in place, personal information for business use needs to be handled in compliance with the Data Protection Act 1998. A secure document management system such as TokOpen can help with compliance, as it reduces the scope for theft or accidental loss of personal and confidential data. It can also facilitate the execution of valid requests for such data.
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to
Brightness Management is all about good quality of lighting and not just quantity of lighting (lux levels)People in offices don't just work at VDT screens; they read, they write, they think, they interact, they chat, they socialize and in the process exchange all kinds of information in a variety of media. Each of these essential functions demand a suitably lit ambience, which is aesthetically appealing, stress free and adaptable.It is very important to consider ‘people’ as the central element in the workspace lighting design.Conventional lighting solutions for the VDT intensive workspaces have proved inadequate to meet these varied needs. The engineering approach is primarily quantity(lux level) driven by using Darklighter luminaires. We believe that it is the quality of light which brings the space to life.Like any other branch of technology, lighting has its specific technical terms. There are essentially four basic variables in lighting technology - luminous flux, luminous intensity, luminance and illuminance.Luminous Flux, ? is the rate at which light is emitted by the lamp. It is measured in lumens (lm). Ratings are found in lamp manufacturers’ lists. The luminous flux of a 36 W compact fluorescent lamp is 2900 lm and that of a 55 W compact fluorescent lamp is 4800 lm.Luminous intensity, I is the amount of luminous flux radiating in a particular direction. It is measured in candelas (cd) The way the lumin
Under section 302, the CEO and CFO must certify that reports accurately show the company’s financial condition and results. In addition, they must certify that they have established and evaluated internal controls to ensure accurate recording and reporting of performance. Any deficiencies in these controls as well as any fraud at management level must be reported.
Section 404 requires annual reports to detail internal controls that are in place to ensure accurate financial reporting, as well as an assessment of their effectiveness.
This can have a significant impact on a document management system. For example, a company without clear control and visibility of approving invoices for payment could be in breach of the Sarbanes Oxley Act.
Data Protection Act 1998
Regardless of what document management system may be in place, personal information for business use needs to be handled in compliance with the Data Protection Act 1998. A secure document management system such as TokOpen can help with compliance, as it reduces the scope for theft or accidental loss of personal and confidential data. It can also facilitate the execution of valid requests for such data.
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to
The hotel business has numerous franchise offers. With the hotel industry gaining prominence, more and more franchise offers are always coming up. You will find various franchise hotel offers if you are searching on the web. Leading hotels have started offering franchise offers with a view to attracting more and more business entrepreneurs. Hotels offer franchises basically to expand their business. However, you have to careful while opting for hotel franchise offers. It’s advisable to check out the economic viability of the hotels.You need to ensure that the hotel has got a proven track record. You should go for the franchise hotel offer only when you are confident that the hotel is making a profit. Nobody wants to franchise any business establishment that is losing money. The economic viability of any company will definitely have a direct bearing on its franchises. That’s why, for any budding business entrepreneur, it’s wise to have all the relevant information on the hotel. If possible, you can also get the help of any franchise expert or legal advisor. They have the experience and expertise to show you the way to go about it. Not only that, they will help you understand the terms and condition of any hotel franchise offer. If you want to be your own boss and run your own business, going for any leading hotel franchise offer is the best option.The hotel industry is constantly making improvements. Owners all the time look for proficient human resou
The Act enshrines eight principles:
1. Personal data shall be processed fairly and lawfully.
2. It shall be obtained only for specified lawful purposes, and shall not be further processed in any manner incompatible with those purposes.
3. It shall be adequate, relevant and not excessive in relation to the purposes for which it is being processed.
4. It shall be accurate and, where necessary, kept up to date.
5. It shall not be kept for longer than is necessary.
6. It shall be processed in accordance with the rights of data subjects under the Act.
7. Appropriate technical and organisational measures shall be taken to prevent unauthorised or unlawful processing of personal data, and to prevent accidental loss, destruction or damage to personal data.
8. Personal data shall not be transferred to a country or territory outside the EU unless an adequate level of protection for the rights and freedoms of data subjects is ensured.
Freedom of Information Act
This gives people a general right of access to information held by, or on behalf of, public authorities. It is intended to promote a culture of openness and accountability amongst public sector bodies, and to increase public understanding of how public authorities work, why they make the decisions they do, and how they spend public money.
Good document management should be a key objective for all organisations, public and private, in the drive to achieve business efficiency, and ensure that information is easily retrievable and properly documented. As a result of this, public authorities will then be able to comply more easily with legislation that affects them, such as the Freedom of Information Act.
The principles underlying records management – creation, retention, identification and retrieval – apply equally to both electronic and paper media. This means that procedures for e-mail and other information held on shared and personal hard drives have to be as robust and detailed as those for other records.
Conflictions in Compliance
Document management systems are challenged when different data in the same document relates to both the Data Protection Act and the Freedom of Information Act, since one is geared for confidentiality, the other for accessibility.
Leading document management systems such as TokOpen, control who can view different parts of a document, meeting the conflicting needs of both pieces of legislation.
In a typical document, such as a Wire Transfer Application form, some of the information falls under the Freedom of Information Act, and other parts of the document are private meaning access must be restricted and audited in accordance with the Data Protection Act. Certain data must not be disclosed to anyone outside the bank as it is private and for internal use only.
Document management software overcomes this problem by hiding the internal information when the document is viewed by someone outside the bank. Users with authorised access are still able to view the whole document.
In the same example, the applicant’s name and address are protected by the Data Protection Act, and should therefore only be seen by the staff members dealing with that client, such as HR or Accounts. Remaining staff do not have access to these specific document details. TokOpen document management software can ensure compliance with this.
Document Management: the Way Forward
The increasingly complex demands of legislation underline the need for businesses to implement document capture and document management systems. However, even though a document management system is an important component, alone it will not ensure compliance. A wider view is needed to ensure businesses maintain their compliance with changing legislation.
In a court of law, the judge will consider the evidence based on several criteria:
• Are procedures clear and consistent, with a requirement to document procedures? This is often referred to as a document policy.
• Are the procedures enforced? This is a shared responsibility between management and the selected document management system's access and privilege controls.
• Can the claims be substantiated? This relies heavily on the document management system’s audit trail.
Compiling a Document Policy
After establishing which regulations have to be complied with, a document policy is required covering the following:
o Scope of information covered
o Security classifications
o Storage media
o File format and version control
o Standards (compliance and regulations)
o Retention and destruction
o Responsibilities
A document policy defines how information is stored, and is therefore central to ensuring compliance. It
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