Retail companies face all the same government oversight issues as any other public company (i.e., SOX, HIPAA, OSHA, etc.), but also have some unique compliance areas to deal with. For example, most by definition have a high number of different locations across a broad geography, bringing State Tax rules into play. In addition, the retail industry is a high-transaction volume business, usually with a heavy dependence upon credit card payments. This brings PCI-DSS compliance in as a major risk area if the rules are violated.
The Payment Card Industry Data Security Standard (PCI-DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. This broad mandate applies to any merchant that has a Merchant ID (MID), including both “Main Street” retail businesses and Internet-based businesses. Penalties for violations of the PCI DSS can be severe. The payment brands may, at their discretion, fine an acquiring bank $5,000 to $100,000 per month for PCI compliance violations. The banks can pass this fine on downstream till it eventually hits the merchant. Furthermore, the bank can also either terminate their relationship with the merchant or increase transaction fees.
The DoubleCheck™ GRC & Audit Platform can help maintain the framework and structure necessary to ensure PCI Compliance requirements are being tracked, self-assessments are completed in a timely manner and appropriate parties are notified of any exceptions according to company policies. This can be an overwhelming task if you are doing it manually through only desktop apps like spreadsheets and word documents.
If you are seeking a solution for your retail firm that can be configured to meet your specific needs without undue development and implementation costs, please fill out the form to the right and we will be happy to speak with you.
Key DoubleCheck Retail Industry Clients Include:
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