Looking at the recent news on non-compliance in Companies globally, the stakes involved and the magnitude of consequences, it becomes clear that maintaining Regulatory Compliance is undoubtedly a priority and continuous concern for Organizations across all Industry Verticals. Organizations Operate under constant pressure from Regulators and are required to provide Regulatory Compliance updates at frequent intervals, which is no simple task. The General Data Protection Regulation (GDPR) enforced by the European Union, which came into action from 25th May 2018, essentially harmonizes data protection laws in the EU that are fit for purpose in the current age of digitization ( Even Organizations outside of Europe will need to be GDPR compliant, or they have to pay non-compliance penalties, that are 4% of their total worldwide annual turnover or $23.4 million, whichever is higher ).
Conventional methodologies of Compliance Management are no longer capable of handling the necessary requirements and are not Agile enough and are disparate, non-centralized and tedious to use. To keep pace with these new and emerging mandates, Compliance 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. Here we list out Top 3 GDPR Compliance Management Best Practices for 2019 and beyond.
A prerequisite for any Compliance Program : Real time Reporting & Collaboration
Inadequate or inconsistent Compliance Reporting poses a major challenge. With Compliance teams getting more dynamic, the functionality of Real time Reporting and Collaboration is of great importance so that status updates are real time, the Compliance Reports/Dashboards are shared on a secure platform and relevant files are shared with team with full version control and preview features.
Auditing the GDPR Compliance Program periodically
GDPR Rules and Controls need to be tested using an Agile and Automated Methodology. Tracking the Milestones, Attributes, Observations & Exceptions and providing Remediation actions are the vital processes which help the Compliance Officers monitor the effectiveness of the GDPR Compliance Management Program.
Making Compliance a competitive advantage : Risk Mapping functionality
Risk mapping functionality to find impact and probability of Risk is also an important part of any Compliance Management Process, which gives visibility into the Compliance Risks in real time using Geo-spatial Risk Location representation. The most vital ability for any Compliance Officer is to have an intuitive platform which enables easy navigation to all Industry Regulations in order to monitor, track, assess and report on the relevant Rules and Controls. Automated Compliance management tools leverage Emerging Technologies like Artificial Intelligence for creating sophisticated Compliance Reports and Dashboards, which are customizable and can be pulled up Anytime, Anywhere and on Any Device.
Confident Governance’s agile methodology for Audit Processes reduces the Audit planning time and automates the Audit cycle while also providing the robust Risk mapping functionality to find impact and probability of Risk as well as Risk Severity Analysis. Additionally, the platform leverages Artificial Intelligence powered by Wave Analytics for creating sophisticated Compliance Reports and Dashboards. 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.
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