Mastering GDPR Compliance : From Mandate to Competitive Advantage

General Data Protection Regulation (GDPR) comes into effect from May 25 and it’s primary goal is to regulate how Companies protect EU (European Union) citizens’ personal data. The responsibility of complying with the mandate is on Organizations that hold and process this information. With the deadline approaching near, Companies globally are already examining their basis for processing their Governance data and looking at Contracts, Policies and handbooks to decide on what needs to be changed to make sure data processing remains lawful under GDPR and also looking at appointing Data Protection Officers to oversee GDPR Compliance.

The underlying principle of GDPR is that any data processing needs to be lawful, fair and transparent and will directly impact how Businesses use and share Customer Data. Organizations will need to have the ability to be constantly aware of the type of data they hold and all relevant Compliance mandates that may apply for it, say for instance, protected Personal Information and Financial Information.

This requires having more Transparency on the management of  Governance data as well or there’s a risk of getting caught on the wrong side of the European Union’s GDPR. The Board, the C-Suite, the Audit & Compliance departments and the Senior management remain responsible for Regulatory Compliance regardless of how they manage their IT Infrastructure and Storage solutions.

Having a Technology centric approach to GDPR compliance implies that Data protection becomes an IT and Security concern, and not a Business challenge. This approach restricts GDPR Compliance to being a check-the-box activity , rather than taking it as a Competitive Advantage. Data Protection regulations such as GDPR  impact a broad range of Business Processes, including Legal, Audit, HR and Finance, not just IT.When Businesses get penalized for Information Security breaches, the Governance teams and the C-suite are held accountable first. In a nutshell, Data Protection and GDPR Compliance, should be approached from a Risk Management and Governance perspective, using Technology & Automation tools as Enablers and not Solutions.

For ensuring GDPR Compliance, Organizations should focus on getting the Governance, Risk Management, Internal Audit & Cyber Security teams to work together as a single unit and address the continuously evolving Geo-political challenges and requirements.

Confident Governance provides an Enterprise wide Governance solution that puts People and Processes first.Being built on the number one Cloud Computing platform, it automates Governance and Management to intuitively and securely deliver Governance data to Business Users. Stay tuned for more posts on GDPR where we will provide a step by step guide on how to master GDPR Compliance.

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