What is the liability of an IT Manager?

I am an IT manager for a small Medical Supply company. This is my first job in this type of position. I came from the consulting side of the IT industry.

Being in a small business, most everything is driven by cost. But the laws that govern the industries that this business touches are many.

HIPAA, Sarbanes-Oxley, PCI compliance, are just a few that I am aware of. Each one of these has a cost associated with its implementation. Since I am not a partner in the business, I can only bring these concerns to the table for discussion.

If these laws are ignored due to cost of implementation. What is my exposure? Will the laws be directed at me or the corporation? Will my re-hire ability be at risk?