Non-compliance with GDPR to cost $23.4 million or 4% of Annual Global Revenue : 3 Steps for Boards to be GDPR Compliant

As Europe’s General Data Protection Regulation came into action from 25th May 2018,a new era in Data Privacy and Information Security begins wherein Companies, Multinationals and Organizations globally are compelled to change how they gather and handle Personal Data of the European Citizens.

As per a recent WSJ article, many of these firms aren’t fully prepared, while some have spent millions of dollars to be GDPR Compliant. Organizations worldwide might need to do impact assessments to see how new Products or Services affect Data Privacy. To stay up-to-date with this recent Regulation and to be prepared for future Compliance mandates like this, the Boards worldwide need to rethink their Compliance Management strategy.

Here are the 3 important primary steps recommended by some of the Board Leadership Organizations globally like NACD.

Thorough knowledge of GDPR & it’s intricacies

Companies need to ensure that all Board Members understand the main challenges for Data Privacy affecting the Company and its Industry, including the ramifications of the GDPR, by availing themselves of Educational Opportunities. Assigning Data Privacy to an appropriate Board Committee and ensuring that the committee reports on same to the full Board should be prioritized.

Focus on using Sophisticated & Centralized Data Management platforms

Board leaders can familiarize themselves with the system for processing Data, Company’s data retention policies and check the Technology Infrastructure and Cyber Security programs to ensure that they are capable of being Compliant with GDPR. The increase in cross-functional operations has led to a rise in the number of applicable regulations, which makes it challenging to shuffle between multiple Compliance Management Solutions and the situation demands for a single Centralized platform that can streamline Compliance processes across all departments and units.

Enabling Real time Reporting & Collaboration on GDPR Compliance

Compliance Officers are expected to keep Policies up-to-date while Process documentation such as Policies and Procedures often fail to keep pace with this rapid change. Inadequate or inconsistent reporting poses a major Challenge of finding out whether  all Compliance requirements are being met. While the Compliance Officers have already been using conventional tools for Compliance Management,  the Board, the C-Suite and the Senior Management  need to realize the importance of leveraging Agility in Corporate Compliance. As most Executives and Employees are living out of the suitcases, the need for an Any Time, Any Device, Anywhere Compliance Management with the features of Artificial Intelligence powered Reporting & Real time Collaboration, is even higher.

Confident Governance’s Agile Compliance Management Solution powered by Artificial Intelligence addresses overall Compliance challenges by leveraging Automation while reducing Risk and ensuring Compliance and thereby making the whole process of Compliance Management cost-effective in the longer run.

We will provide more insights on how GDPR Compliance can be mastered in our upcoming posts. Stay tuned !

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