Finally, it can identify opportunities to audit common processes across organizations, dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to succeed, especially. And also, having accurate and clean customer master data is an essential starting point – and having a modern master data management (MDM) system is the foundation for GDPR compliance.
Compliance organizations have a strong incentive to send out warnings and stop sales and marketing teams continuing traditional marketing because of uncertainty, many more have concluded that restructuring is needed and are trying to find the resources to achieve the goal, while only a few have just started to get serious about GDPR compliance. Not to mention, understanding and adhering to industry-specific regulatory environments may require a team of individuals with ever-expanding working knowledge of regulations, cases and enforcement of the regulatory organizations and, in many cases, the regulators themselves.
Investing in the right technologies for GDPR compliance will pay for itself by helping you implement the right measures in risk management and analytics, regulatory compliance, and auditing and reporting so you can stay secure and compliant, it has been a common issue that businesses have learned that the GDPR consists of rules and regulations around data management, and have simply seen it as an issue that can be dealt with by their IT team, by the same token, any organization, big or small, will have to comply with new regulations regarding the secure collection, storage and usage of personal information.
As formidable as the GDPR is, only aiming to comply with the GDPR will have to be insufficient for a worldwide privacy compliance strategy, that has a lot to do with the nature of consent and the practical implications of consent management. Coupled with, personal data issues must be considered during the conception of all projects, before implementation.
The arrival of GDPR has brought compliance-related IT issues to the fore as businesses attempt to overhaul data handling and security processes to meet new rules and legislation, achieving compliance will have to be an ongoing process, also, organizations face an ever increasing list of statutory, regulatory, contractual and legal compliance obligations.
Organizations offering cloud-based services must comply with akin regulations or risk losing business due to customer trust issues and, or potential fines and other legal action, you help your organization manage regulatory compliance, cybersecurity and risk, outsourcing, and technology solutions. As a result, one of the biggest challenges for organizations that fall within the broad extra-territorial scope of GDPR, is transforming the legal requirements of GDPR into compliant and sustainable operational behaviours.
Furthermore, businesses are obliged to protect personal data from misuse and exploitation while protecting the rights of data owners, from hiring a data protection officer, to encouraging employees to conduct business in a safe way, getting compliant is a organization-wide issue. To begin with, appointing a central GDPR leader supported by a GDPR project team or steering group made up of individuals from all business divisions is a crucial step toward GDPR compliance.
By now, organizations should be having regular status reviews of GDPR preparations with senior management in order to drive compliance, controllers and processors of personal data need to adhere to the regulation in order to be compliant. In short, when you develop your data classification plan, you should know in advance what compliance regulations you are bound by.
Want to check how your Compliance Management Processes are performing? You don’t know what you don’t know. Find out with our Compliance Management Self Assessment Toolkit: