Since January 2009, companies not conforming to the guidelines set out in the German fiscal law GDPdU (principles for data access and verifiability of digital documents) can be fined anywhere between €2,500 and €250,000. In the USA, failure to comply with Section 802 of the Sarbanes-Oxley act can lead to major fines or up to 20 years imprisonment. Rulings in the German courts in 2007 set more stringent precedents for the interpretation of existing legislation. Companies and decision-makers are now having to take the consequences of non-compliance very seriously.
It's not just the threat of fines which worries some companies, but the general mismanagement of data. If a financial auditor assesses the electronic filing of a company as failing to comply with the law, the consequences can be severe. In view of strict regulations such as the Basel II Accord, companies could even be refused credit. The best way for a company to protect itself from such consequences is to implement a professional and integrated IT solution.
Find out more about how FILERO can help your organization conform to the latest legal requirements.