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Volume 31, Issue 1

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Friday, 15 December 2017 15:28

Stop Dragging Your Feet: GDPR Compliance Can Make You More Competitive

A GDPR-Readiness Program With a Unified Governance Foundation Can Increase Productivity While Reducing Costs and Risk

The May 2018 deadline for the EU’s General Data Protection Regulation (GDPR) should have organizations scrambling to roll out GDPR-readiness programs. After all, the regulation applies to most organizations doing business in the EU, non-compliance can result in severe fines, and getting ready for compliance will likely take significant time and effort.

According to a recent global CGOC survey of compliance officers only 6 percent of respondents felt their organizations were ready to comply with the regulation. The survey also reveals that these organizations face many other data protection and management challenges. This article discusses the findings of the survey.

One possible explanation for the lack of progress – as suggested in the survey data – is that many executives are too focused on day-to-day operations to worry about preventing a potential compliance problem down the road. But whether the lack of progress is caused by a mandate to increase earnings, a focus on improving the customer experience, or some other time-sensitive initiative, executives must understand that GDPR compliance isn’t just about risk reductionand cost avoidance. The very same capabilities, strategies and technologies that enable GDPR compliance will help companies meet all their other business goals, including becoming a more efficient, more competitive organization.

And it all starts with a Unified Governance program that provides a single, centralized view of all information across the enterprise and that automates critical information management processes.

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http://www.corporatecomplianceinsights.com/stop-dragging-your-feet-gdpr-compliance-can-make-you-more-competitive/