Financial accuracy is extremely important. Today’s businesses face a variety of compliance requirements for financial services issues to protect consumers, businesses, and, in general, the U.S. financial system.

Because financial compliance serves everyone’s best interests, organizations need to understand the challenges, issues, and changing regulations.

Monitoring compliance: 

Effectively monitoring your compliance efforts is not a one-and-done approach. You must always be on guard through continuous compliance monitoring. This ensures you are aware of any issues you need to handle and you can correct these issues when they arise. This is why a simple important monthly task is to get your pcards reconciled.

Watch more below on Internal Control Over Financial Reporting Overview to learn more.

Q: Is it okay to put off reconciling your BBNC purchase card (pcard) for more than a month? 

It is your responsibility to submit your expense report with the itemized receipts monthly. You must review your transactions to ensure they are legitimate transactions made by yourself and that they have been submitted on an expense report for processing.

It is not okay to put off reconciling your BBNC pcard for more than a month. Reconciling is due monthly. Please check your email reminders and set a calendar reminder to do so.

Safeguarding Personally Identifiable Information (PII)

Personally Identifiable Information (PII) is any information about an individual kept by an organization, including data that can be used to distinguish or trace that person’s identity. Some PII is not sensitive, such as what can be found in a phone book or on a business card. Other PII is sensitive, which means that, if it is lost, compromised or disclosed without authorization, it could result in harm, both to the individual and to the company involved. Harm to an individual could mean identity theft, blackmail, embarrassment, or inconvenience. Organizational harm includes loss of public trust and reputation, legal liability or remediation costs.

Particularly since the dawn of the digital age, security breaches involving PII have contributed to the loss of millions of records. By law, all of us are required to protect privacy and to properly collect, access, use, share and dispose of the PII in our control or under the control of a third party, such as a contractor.

Some examples of PII include:

1. Name
2. Personal identification number, such as Social Security/taxpayer identification number, passport number, driver’s license number, financial account number or credit card number
3. Address information (street address, email address)
4. Telephone numbers (cell, home, business)
5. Personal characteristics (facial photos, x-rays, fingerprints, and biometric data such as a retinal scan or voice signature)
6. Information about personally owned property (e.g., vehicle registration number)
7. Information that is or can be linked to the above (date/place of birth, race, religion, weight, activities, employment information, medical information, education information, financial information)

Read more on Guidance on the Protection of Personal Identifiable Information below:

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