Industries Where Compliance and Risk Management Are a Must

The internet is a wondrous place, but it’s also a dangerous place. As more and more of our most important information is being stored in the Cloud or in technology-based systems, we’re also putting our information at risk.

The right software, like the kind from Reciprocity, can greatly enhance your security by encrypted technology, an audit process, and easy-to-use controls that give those in charge the means to maintain, inspect, update, and alter the system.

It’s true that every industry can benefit from this kind of software, but there are some industries where it is an absolute must.


This is perhaps the most obvious industry that needs a dependable compliance and risk management system in place. With customers using their credit cards and checking account information online and in stores, it is extremely important for all that information to be protected.

However, it’s not just customer information that this industry protects. Retail stores also tend to have high turnover rates. That means many people gain access to vital systems. The right compliance and risk management program can make it easy to terminate and enable access instantaneously by management staff.


The whole purpose of the hospitality industry is to make visitors feel comfortable and relaxed during their stay. That means having the right systems in place so guests aren’t worried about their personal information getting into the wrong hands.

It’s even more important as the hospitality industry automates more and more services. From automated check-in to room entry using smartphones, compliance and risk management will become even more important for the hospitality industry in the future.


Healthcare records should be locked down like Fort Knox. That means choosing comprehensive programs that comply with HIPPA, which in turn means every client’s personal information, like their medical history and medications, can’t be accessed by third parties.

It isn’t just doctors’ offices either. Other healthcare providers that must comply include:

  • Health plans, which include health insurance companies
  • Billing agencies that work with healthcare providers
  • Contractors and subcontractors that have access to records during their contract, like companies that destroy medical records and accountants
  • Healthcare clearinghouses that process and transfer information from one form to another


Governmental agencies have access to a lot of information. From personal information that pertains to every citizen to generalized threat assessments and intelligence data, it’s easy to see why it’s so important that all governing bodies have the highest quality compliance and risk assessment procedures in place.

There are even laws in place to ensure this governmental information is protected. HIPPA was mentioned earlier. It is an important aspect of Medicare and Medicaid, which are government sponsored programs. The Gramm-Leach-Bliley Act states that financial information must stay secure while the European Union’s General Data Protection Regulation keeps the personal data collected about EU citizens safe.


Technology is the thing that makes all of our electronic records possible, which means technology companies need to be at the forefront of compliance and risk management. Not only do they have to be compliant for themselves, they also have to follow any compliance needs of the companies they work with.

A tech company will have to achieve SOC 2 certification, but it may also have to follow NIST security protocols, if working with a governmental agency, or it will have to follow the COSO framework, if working with a financial institution.


The media sector may not come to mind when it comes to compliance and risk management, but many media outlets have access to sensitive information that has to be protected. For example, a specific media outlet will do research to figure out what kind of people interact with what kind of content, learning a lot about those people in the process.

It is important to keep that information secure so readers continue to trust that company with their information and they continue to read what it publishes.

Media outlets are usually required by law to provide protections. For example, any data collected about minor children requires parental consent, while credit card data used to subscribe to a publication is protected by federal law.

Not only is it important for these industries to understand their compliance and risk management needs, it’s important for consumers to know which industries must comply as well. That way customers, clients, and consumers know to look a little more closely at these industries before providing them with their personal information to ensure it will be well guarded.