The European Union (EU) implemented the General Data Protection Regulation (GDPR) in May 2018. It is meant to protect the Data and Privacy of European ‘citizens’. And, is applicable to any Business that stores or transacts data of these subjects. However, the consequence of it is that even Businesses that are international or provide services to these individuals, need to follow these Regulations or face serious financial and/or legal fines. Conversely, even Organizations outside of Europe will need to be GDPR Compliant, or they have to pay non-compliance penalties. The penalty is 4% of their total worldwide annual turnover or $23.4 million, whichever is higher. GDPR is all about effective Governance, Cybersecurity and governing Compliance.
The urgency to be Agile in GDPR Compliance
There has been a conclusive shift in the digital information field which requires flexibilities, due diligence and a thorough knowledge of the emerging Compliance mandates. Meaning, that for Businesses, an inter-departmental and cross-functional team will be required. This team will be from legal, human resources, privacy, and information technology department to address compliance processes with GDPR. Directors may also be required to offer their input and identify high-risk gaps in the Physical, Digital and Personnel aspects of the Business.
Conventional methodologies of Compliance Management are unnecessary, not Agile enough, disparate, non-centralized and tedious to use. To keep pace with Compliance mandates like GDPR, the teams often rely on data sources which include Business data from internal systems, reference data, news feeds, social media, legal documentation, and many others. To process this data and remain Compliant, Companies need Applications with features that can handle enormous data inflow and outflow from many disparate sources. Let’s look at how Automated tools for managing GDPR Compliance can drive Efficiency and Effectiveness.
Centralized and Agile Approach for Confident GDPR Compliance Management
Automated Governance tools like ConfidentG Governance as a Service® platform give the ability to plan and act on Risk Assessments, Audits, Testing, Certifications and Processes for overall Compliance. Secondly, another important aspect of such tools is to have Real-time information available from any device, at any location and whenever you want. For instance, this happens using Emerging Technologies such as Artificial Intelligence with customized reports and dashboards that offer 360-degree visibility into Compliance Risks. The Automated approach becomes highly flexible and scalable to meet your Business’ unique requirements because of the following vital features:
- Customized Reporting/Dashboarding using Artificial Intelligence Powered Wave Analytics
- Agile Framework for comprehensive & integrated representation of Risks, Rules, Regulations, Policies & Governance
- Rules and Controls Engine to tackle GDPR Compliance
- Risk mapping functionality to find impact and probability of Compliance Risk
- Ability to track Milestones, Attributes, Observations & Exceptions and providing Remediation Actions
- Start-to-Finish (End to End) GDPR Compliance Process Management
Collaborate with us today for your GDPR Compliance requirements
With heavy penalties for those Companies who fail to abide by the Regulations, GDPR is set to reshape the manner in which organizations handle Data Privacy. It aims to sync all privacy laws to protect and empower Data Security by imposing stricter rules.
On the whole, ConfidentG Agile GDPR Compliance Management application is an advanced solution that continuously monitors and reports on all activities in order to help you meet the stringent requirements of GDPR. The global solution is designed to help you address all of your Governance, Risk and Compliance challenges with ease and speed.
Visit us at our Appexchange listing today at https://cglabs.us/cg_products and get confident with your Governance initiatives.