By Joel Maloff
As small businesses adapt to a remote workforce during the COVID-19 pandemic, many risk falling prey to compliance violations without knowing it, particularly in highly regulated sectors, such as healthcare and finance.
Small businesses in both sectors are learning to embrace digital transformation as a resourceful and immediate way to handle the remote telework needs presented by the pandemic. That’s only the first step. They must also educate themselves on regulations and prevent violations from happening while their staff is remote working. With a remote and largely unsupervised workforce that isn’t always mindful of compliance, the risk is ever-present and difficult to monitor. For financial services, there are pitfalls in the FINRAregulations, and for healthcare providers, the Health Insurance Portability and Accountability Act (HIPAA) provides particularly cumbersome traps.
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