Confident Governance announced today that it’s Agile and Innovative Compliance Management platform is now further enhanced with the new GDPR Regulation to help it’s Clients and Partners be GDPR Compliant in rapid time frame. GDPR (General Data Protection Regulation) came into action across EU on May 25th, 2018.
Confident Governance, world leading innovator of Governance as a Service® platform and award winning Compliance (GRC) Solutions Provider announces the release of the newest enhancements to its Compliance Automation platform by further solidifying it’s GDPR and Enterprise wide Compliance product suite.By fully integrating GRC processes with Customer Relationship and Sales processes with world’s leading CRM systems such as Salesforce.com, Confident Governance’s GDPR solution enables Agile and most efficient method to quickly demonstrate Compliance with evolving Privacy laws such as GDPR. With leading edge releases like the GDPR release, Confident Governance’s Compliance program meets the highest standards in the industry and has consistently reinforced the commitment to make Compliance a competitive advantage rather than a burden for Customers and Partners globally.
As the EU GDPR (General Data Protection Regulation) came into action from May 25th 2018, as per a recent WSJ published survey by an independent firm, over 50% of respondents globally have not made adequate efforts to bolster their GDPR related Compliance. Coupled with this fact is that Companies globally are moving towards a digital business model, which is generating a massive amount of Customer data. The GDPR affects not only European Companies collecting data within the EU, but also non-European Companies with data subjects based anywhere in the EU. GDPR expands the privacy rights of EU individuals and places new obligations on all Organizations that market, track or handle EU personal data. Companies have been burdened with tremendous cost, anywhere from $1 million or even more than $10 million for Fortune 500 Companies, as per a recent WSJ published survey. Complying with these types of Regulations is extremely costly, burdensome and often times very complex. With this Product Release, the main aim of Confident Governance is to make the cost of Compliance more Efficient and bearable for Companies that cannot dedicate disproportionate amount of resources to just Compliance.
“A lot of Companies are looking at this as a Compliance headache. We see Compliance as a Competitive Edge. It is a huge opportunity for Companies to improve their Risk Management procedures with regards to Cyber Security and Data Privacy. We see the EU General Data Protection Regulation (GDPR) as an important step across all Industry Verticals in terms of protection of data and individuals. Confident Governance’s mission has been focused on ensuring that we Democratize Compliance by making it Easy, Agile and Cost Efficient for Customers worldwide using world leading Governance as a Service® platform to comply with key GDPR principles.“ said Confident Governance products Board Chairman Bhavesh Bhagat.
The Confident Governance GDPR suite enables an incredibly rich Compliance starting point for Customers with 99 articles and 173 recitals across entire breadth of the EU regulation. The chief Risks of GDPR non-Compliance track are
- Negative Publicity
- Regulatory Penalties
- Risk of Civil Litigation
Organizations around the world are thinking through and catching up to evolving steps that they need to take in order to comply. Businesses that do not comply with GDPR face a potential fine of 4% of global revenues. Hence, the Boards need to understand this regulation around Data Privacy and ask management if the Company has a Data Privacy Compliance program. It is also important to ensure the Company stays on schedule to meet the law’s requirements, stays within budget for its Compliance efforts and has the right Processes and Controls in place to mitigate any Risk to that data.
ConfidentG GDPR platform enables world leading Rapid Compliance by
- Establishing conformity to the requirements of GDPR Compliance
- Anytime, Anywhere, Any Device Compliance Management
- Real Time Collaboration between Legal, Marketing, Sales, Audit, Risk & Compliance teams
- Real time Artificial intelligence powered Reporting/Dashboarding system for notifying the board or an independent committee about GDPR Compliance
- 360 degree visibility into the Company’s high-GDPR Risk areas and prioritized Compliance activities
With this latest addition of GDPR product release into its platform, Confident Governance continues to Democratize Governance worldwide by providing the most efficient and agile Governance, Risk and Compliance to Companies globally and makes Risk & Compliance a Competitive advantage for them.