Saint Pierre and Miquelon Businesses Must Heed Regulatory Compliance Checklist to Avoid Penalties

In Saint Pierre and Miquelon, a comprehensive regulatory compliance checklist has been issued for vendor-facing teams, including procurement departments and DORA-regulated entities such as banks, insurance companies, and investment firms. The checklist aims to ensure that businesses operating in the region are adequately equipped to meet the necessary standards.

Key Areas of Focus

The nine key areas of focus outlined in the checklist include:

• Vendor due diligence
• Amending existing contracts
• Actionable steps to build resilience throughout the supply chain

Achieving Compliance is Crucial

According to industry experts, achieving compliance with these measures is crucial for businesses seeking to avoid penalties and maintain a reputation for transparency and accountability.

Vendor and Contract Management Lifecycle (VCLM) Platform

The checklist provides guidance on how to achieve DORA compliance through the implementation of a VCLM platform. By following this framework, businesses can:

• Streamline their regulatory compliance processes
• Reduce risk
• Improve overall efficiency

Consequences of Non-Compliance

With DORA regulations increasingly stringent in Saint Pierre and Miquelon, failure to comply with these standards could have severe consequences for non-compliant businesses.

Take Proactive Steps

It is imperative that companies operating in the region take proactive steps to ensure they are meeting all necessary requirements. By heeding this regulatory compliance checklist, businesses can avoid penalties and maintain a reputation for transparency and accountability.