As the annual March Madness begins and with a Trump Administration in office, many companies are continuing to wonder whether their organizations need to go on the offense or defense while laws and regulations are changing during the first quarter. With these turnarounds, corporations have been put into a state of limbo with no way knowing how to move forward in the evolving, unknown future.
At NRTT, we have our own playbook of best practices that allow us to stay compliant and drive forward to an industry championship.
Companies should maintain business continuity with a disaster recovery plan that is tested annually. When the worst occurs for your business, it’s time to go on the defensive. At NRTT, we test out our safety precautions to be certain the continuity of the business is never compromised during a disaster. Think of your Disaster Recovery Plan as your ultimate contingency plan. What parts of your business need to be fluid to be moved quickly and restored should the worst occur, such as a fire, weather hazard, or a large appeal of federal or state law.
Document all policies and procedures. A playbook serves no purpose if it’s only known by one or two members of your business. Keeping a documented process with rules, protocol, and procedures for all employees can help maintain the quality of standard across your lines of business and nothing is sacrificed.
Evaluate cash controls quarterly. Cash accounts are often the most vulnerable to fraud. Be sure to monitor and allocate your disbursement policies and invoicing functions every quarter. This includes multiple levels of defense to protect the amounts in your cash controls, such as for bills, invoicing, rent, and interest accruing on custodial bank accounts.
Document a risk matrix and review quarterly. Knowing the liabilities and their likelihood is like knowing how to proceed with a strong offense. Business that know which plays offer the biggest dangers and the biggest rewards is smart. So avoid the fouls at all costs.
Ensure your staff is trained on IT risks and security awareness. When it comes to e-security, a master Contingency Plan can be a saving grace. But if your team is trained on what to avoid and what to do while online, you may never need to implement your Plan B. NRTT employees are trained and re-trained on multiple levels of cyber security and how to identify potential threats. NRTT clients are given multi-level, secure login information for their use of NRTT products. All it takes is one Malicious Code on the court to screw up your whole game plan.