Policies To Implement Regulatory Requirements

Policies to Implement Regulatory Requirements

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Policies to Implement Regulatory Requirements

Introduction

The board of Red Clay Renovations Company needs to consider the potential risks of data breaching and significantly adopt proper regulatory requirements accordingly. Critical consideration of personally identifiable information (PII) is important to identify various forms of data that could be used to potentially identify a specific individual. When it comes to the domain of PII, it is mainly recognized as mechanisms of biometric information, medical information, personally identifiable financial information (PIFI), and some specific forms of data identifiers ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"l8o20O36","properties":{"formattedCitation":"(Federal Trade Commission, 2019)","plainCitation":"(Federal Trade Commission, 2019)","noteIndex":0},"citationItems":[{"id":1465,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/ZQB37UPX"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/ZQB37UPX"],"itemData":{"id":1465,"type":"webpage","title":"Finanacial Institutions and Customers Information: Complying with the Safeguards Rule","container-title":"Federal Trade Commission","author":[{"family":"Federal Trade Commission","given":""}],"issued":{"date-parts":[["2019"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Federal Trade Commission, 2019). Detailed consideration of the approach of PII in the case of Red Clay Renovations Company requires the adoption of appropriate regulatory policy according to the data security needs of the organization. The particular source in the form of the "Red Flags" Rule of regulatory requirements is selected to successfully address the requirements of IT security in the case of Red Clay Renovation Company. The specific approach of the Red Flag Rules is proposed to ensure identity theft prevention, specifically in the form of consumer credit information. The practical idea of these regulatory requirements demands proper application of written programs to successfully perceive, prevent, and mitigate the issue of identity theft. The application of this approach is vital for the company to intact the personal financial information of potential customers.

Regulatory Application for Red Clay Renovations Company

A comprehensive understanding of the application of the approach of Red Flags Rules is important to examine the actual implications of this regulatory method. It is noteworthy to mention that when it comes to the consideration of specific regulatory policy in an organizational setting, then it is important to follow four basic stages. The idea of implementing a regulatory approach comprised four prospects of collection, processing, management, and proper storage of the client PII. The Red Clay Renovations Company needs to follow all these four steps to ensure the successful application of the main regulatory policy. The first phase of the collection is critical for the management of the company. It is essential for policymakers to firstly identify potential areas of red flags ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"PbdzffWS","properties":{"formattedCitation":"(Doern, 2007)","plainCitation":"(Doern, 2007)","noteIndex":0},"citationItems":[{"id":1467,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/L9QZUKKK"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/L9QZUKKK"],"itemData":{"id":1467,"type":"paper-conference","title":"Red tape, red flags: Regulation for the innovation age","container-title":"Conference Board of Canada CIBC Scholar-in Residence Lecture. Ottawa","author":[{"family":"Doern","given":"G. Bruce"}],"issued":{"date-parts":[["2007"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Doern, 2007). This phase of regulatory policy implementation demands the IT department of the company to monitor the risks of data theft closely and systematically collect all the information. The second stage comprised of the perspective of proper processing of the information. This stage requires to set up specific practical procedures to ensure the detection of red flag risks in case of routine operations. The third stage of management is one critical practical prospect that requires the active attention of all the shareholders. The role of all members of management at this stage is crucial to adopt practical strategies to prevent the risk of identity theft in case of PII. The last stage of this procedure is associated with the successful storage of clients' information to ensure a successful form of data security in case of the functioning of all the departments of Red Clay Renovations Company. This phase demands proper upgradation of the program according to changing requirements of data security in the form of PII of all the clients.

Summary

           To conclude the briefing statement about the regulatory requirements in the scenario of Red Clay Renovations Company, it is vital to mention that the selection of suitable regulatory measures is important. This practical approach is necessary to successfully overcome the risk of information theft in organizational settings and meet the standards of data protection in the case of client PII ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"vKXxJCs8","properties":{"formattedCitation":"(Fischer, 2014)","plainCitation":"(Fischer, 2014)","noteIndex":0},"citationItems":[{"id":1466,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/3YYXWLUC"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/3YYXWLUC"],"itemData":{"id":1466,"type":"book","title":"Cybersecurity issues and challenges: In brief","publisher":"Congressional Research Service","author":[{"family":"Fischer","given":"Eric A."}],"issued":{"date-parts":[["2014"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Fischer, 2014). All the four phases of collection, processing, management, and storage of the information are important steps to meet the standards of data security. 

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Doern, G. B. (2007). Red tape, red flags: Regulation for the innovation age. Conference Board of Canada CIBC Scholar-in Residence Lecture. Ottawa.

Federal Trade Commission. (2019). Financial Institutions and Customers Information: Complying with the Safeguards Rule. Retrieved from:

https://www.ftc.gov/tips-advice/business-center/guidance/financial-institutions-customer-information-complying

Fischer, E. A. (2014). Cybersecurity issues and challenges: In brief. Congressional Research Service.