Protecting Your Business: The Overlooked Compliance Risks You Can't Ignore

“You have to evaluate compliance not as an expense, but as a money saver. Sure, managing compliance takes resources, but it’s nowhere near as expensive as the costs associated with a breach.” - Paul Koziarz

Many business owners may not be aware of the Corporate Transparency Act and its potential impact on small businesses. This act aims to combat money laundering and terrorism financing by requiring certain small businesses to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Small business owners must understand how this legislation affects them to ensure compliance and avoid any penalties. I talked with Paul Paray about 3 Things Business Owners Don't Know That Can Hurt Them.

Paul has a diverse legal and business background that includes, creating resilient security and privacy compliance programs – including one for an auto insurer; successfully prosecuting intellectual property portfolios; successfully litigating federal and state commercial disputes around the country, and helping small and mid-sized business owners navigate numerous risk management issues. To that end, he has been invited to speak at leading conferences to discuss risk management, including RSA, IAPP, RIMS and PLUS, and has been interviewed regarding risk management by the National Law Journal, Business Insurance, CFO Magazine, ComputerWorld, SC Magazine, Security Management, The Financial Post, The Hartford Business Journal, The Newark Star-Ledger, New Jersey Law Journal, and The New York Times. He can be reached via email at paul@licenz.com.

'Even if you don't have malicious intent, treating someone improperly can lead to problems, and it's just not the right way to do things.

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