Compliance 101 for COOs

Data breaches due to non-compliance issues cost companies more than any other reason.

Author

Rameel Sheikh
June 13, 2024

Compliance 101 for COOs

Insight from Gareth Foulkes

When a data breach happens because of non-compliance issues, it costs companies $220,000 more (on average) than if it was for any other reason.

As COO, you’re responsible for the business maintaining compliance.

It’s a lot of responsibility (and so much fun 🥲), but there are three simple ways you can stay up to date:

  1. Consult with regulators: Know which associations govern your industry and sign up for their updates (newsletters, press releases, reports).

Take action: Identify a contact at the regulator and ensure a direct line of communication with them.

  1. Utilize your network: Find out what other COO’s are doing in your industry and keep each other abreast of changes.

Take action: Join an association or group (like Cornerstone 👀) and meet regularly to share ideas on how to adapt to changing regulations. Maybe even create a subgroup specifically for compliance-related issues. Bring that knowledge back to your team. 

  1. Prioritize the critical: Know what the most critical compliance issues are for your organization, and rank them based on importance and potential penalty.

Take action: Create guidelines that outline the compliance issues from most to least critical, and what your employees should do when they encounter them. Include who they should report to in each instance.   

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