In our discussion, we covered the importance of compliance for businesses, particularly in the areas of financial and data security. Regulations can vary by industry and country, making it essential to stay up-to-date and knowledgeable about the specific requirements that apply to your business. Compliance with standards such as ISO 27001, GDPR, SOC2, ASC 606, and IFRS 15 can provide a competitive advantage by demonstrating to regulators, partners, and customers that your organization takes data security seriously. Failure to comply with regulations can result in significant fines, reputational damage, and the loss of contracts.

ISO 27001 is a voluntary standard that provides guidelines for establishing an information security management system to protect data and information assets. GDPR is a regulation that protects data privacy in the European Union, while SOC2 is a standard for managing data security in service organizations. ASC 606 and IFRS 15 are accounting standards that regulate revenue recognition for businesses.