When it comes to risk management and compliance, staying on top of the threats to your company is paramount. The evolving technologies and laws mean that those who work in that field need to keep up with new threats and possible issues at work. Compliance strategies must remain current with advancements and stay innovative.
If you’re considering a career in regulatory compliance, Seattle University School of Law is the place for you. Our MLS program in compliance and risk management gives our graduates the tools to not only work in the compliance field but excel. Students become trusted experts on the critical nuances of compliance and risk management through a flexible online degree program. We offer operationalized and practical legal training in a variety of industries to build robust compliance programs, without pursuing a traditional attorney path.
Compliance Programs
Compliance programs include established policies and procedures to ensure that rules and regulations are followed within an organization. A strong compliance program also includes consistently updated education for employees. Keeping employees abreast of any changes that occur that affect regulations in the industry is critical. It keeps the line of communication open and ensures that any changes and issues that may occur are met head-on.
Regulatory Requirements
Regulatory requirements are rules that businesses must follow. They differ based on the type of organization. Highly regulated industries include:
- Healthcare
- Finance
- Cybersecurity
- Corporate
Requirements for each industry differ, but here are some of the most well-known regulations:
HIPAA
In healthcare, the Health Insurance Portability and Accountability Act of 1996 (HIPAA; Kennedy–Kassebaum Act, or Kassebaum–Kennedy Act) consists of 5 Titles.
- Title I: Protects health insurance coverage for workers and their families who change or lose jobs.
- Title II: Prevents healthcare fraud and abuse
- Title III: Guidelines for pre-tax medical spending accounts.
- Title IV: Guidelines for group health plans.
- Title V: Governs company-owned life insurance policies
The act applies to organizations, healthcare providers, hospitals, and most places that handle medical records and protected health information.
Consumer Protection
Finance regulation revolves around consumer protection. Many forces exist that try to steal financial information for personal gain or want to participate in unfair practices and discrimination against their consumers. Financial consumer protection regulations are laws and other legal measures that aim to ensure consumers are treated fairly and responsibly when using financial products and services. The Consumer Financial Protection Bureau (CFPB) is a U.S. agency that enforces federal consumer financial laws to promote fairness and transparency in these areas
Cybersecurity
Cybersecurity ties everything together. The secure processes compliance teams implement to ensure that things such as protected health information and consumers in financial transactions are protected. Effective compliance gives directives for the computer systems and information technology to keep cyberattacks at bay. The most common cyber attacks include:
- Phishing
- Control system attacks
- Viruses
- Worms
- Unauthorized access that leads to the stealing of information
Compliance functions utilize cybersecurity to have response plans on the ready and guide real-world and online operations. It has become an integral part of compliance and risk management functions for organizations and institutions both big and small.
Corporate
Corporate companies face the challenge of a digital environment that requires strategic leadership. Each corporation deals with different protected information and many times it coincides with their client’s finances and consumer protection. Health organizations – such as health insurance or healthcare apps – deal with protected health information.
No matter the data they interact with, businesses have the duty to act in conscience. Some of the major governing regulations outside of the ones mentioned above include:
- Foreign Corrupt Practices Act: Enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business
- Sarbanes–Oxley Act: Created in 2002 as federal law that mandates certain practices in financial record keeping and reporting for corporations
Each piece of legislation works to ensure fair practices for companies to provide the best possible service for their clients.
Leading the Future at Seattle University
Compliance functions are an integral and ever-changing part of an organization. There are endless bad actors out in today’s digital landscape and as technology advances, so will the potential for destruction. For anyone considering a career in compliance and risk management, Seattle University School of Law is there to act as a stepping stone to launch you into your dream career. Our MLS program in compliance and risk management has the general program and four concentrations, allowing you to specialize in your area of interest. Our program is online, giving students the flexibility to jumpstart their careers without missing a beat in their personal lives.
Interested in getting started? Contact our admissions office today.
