It’s imperative to be compliant with a whole series of local, national, and international laws and regulations so that you don’t put your business at risk. But maintaining compliance within the current data protection laws requires significant investment in internal resources. If you are working globally–and who isn’t these days? — you’ll have found that some countries have more stringent data laws than your own. Along with the EU, Brazil, New Zealand, India, Japan, and Australia are amongst the countries which require businesses to adhere to complex data laws. So, you must be aware of the necessary steps required for compliance in all countries you are doing business with.
Companies who fail to meet international data protection standards can face considerable fines which can be up to 20 million or 4% of global revenue whichever is the greater.
It is vital to be compliant but where do you start?
This is where platforms such as Velvet Platform come in. Velvet offers consultancy and monitoring, giving businesses expert guidance and preparing them for audit. Auditing data plays a crucial role in ensuring that your business is compliant as it looks at whether your policies are fit for purpose policies and whether you are following data laws in terms of the documents you are processing. Velvet can help businesses standardise their processes and clean up non-compliant records, in a cost-effective way to avoid unnecessary loss of income through fines.
In addition as a business looking to work online and location independent, It is sometimes difficult to know how to decide whether to work with someone or some business or not. Our known ways of establishing trust are less helpful in a location independent context. Velvet applies transparent and objective analysis of your potential customers to ensure your business meets with Money Laundering regulations requirements and will weed out those with illegal intentions to avoid unnecessary loss of income.
As technology continues to be central to business growth, server and systems protections are vital. Before expanding into a global market, businesses must evaluate safety, as not all international infrastructures provide the same levels of cyber security. Velvet has in house experts to guide businesses through this complex process.
Other complexities of doing global business online include universal payment methods, currency rates and automated currency exchanges. Through Velvet businesses can enjoy the benefits of a multi-currency account where they can choose which currency they send and receive money in EUR, GBP, or USD. Businesses can move freely between these currencies at any time to take advantage of the best exchange rates. Businesses will have benefits of digital currencies without exposing themselves to unnecessary risks.
Whatever the nature of business, from online retail, fintech and payment, automotive and transport, lawyers, legal advisors, accountants, blockchain to e-money businesses – all want to control costs, risk, and the complexity of doing business globally, Velvet will enable them to do this.