Is your company ready for the GDPR?

 



As some of you may know, the new General Data Protection Regulation (from now on (GDPR), began its application on May 25th 2018. This implies adaptations in the business environment, which are already being applied in many companies and will be implemented the same day.

Why this change?

In recent years there has been an economic and social integration of the Union’s internal market, creating a considerable increase in the exchange of personal data between private and public entities and individuals.

Another of the main reasons is the increasingly advanced technological evolution and its globalization, bringing with it a greater flow of information among citizens. This allows personal data to be used in a way that is difficult to quantify. Therefore, there is a need to provide greater protection to the end user when transmitting their personal data, thus requiring a more solid and coherent framework for data protection within the European Union.

But, where do I start to adapt my company?

As you could have deduced, all those companies that deal with personal data that are within the EU, as well as those that deal with citizens belonging to the EU, must adapt to this new regulation.

If you do not know where to start to start adapting to these changes, the UK data protection agency provides you with several free tools for this.
One of them is IT Governance GDPR compliance checklist, which you can download at the following link:

IT Governance GDPR Compliance checklist

If this has not been practical for your company, you will see that they also provide some steps to follow when making the adaptation. You can see them in the following link:

GDPR steps to follow




What steps should I take?

From Reviso, we recommend, first of all, that any questions you may have about the GDPR, as we talked before, consult with the experts of the UK Agency for Data Protection.

However, here are some tips on how to do it:

  1. The people who make up the company should be aware of this change. You should consider the impact that can have on the activity of your company and which departments can affect most.
  2. The origin most be know of all personal documents that are handled, the authorization to treat them and to know with whom and for what purposes they have been shared.
  3. Review the current privacy notices with which we work, as well as the procedures we have to collect personal information (an example would be the web form that is used to collect information from candidates for a job), and update them to the new regulation, with vocabulary that facilitates concise and clear language. This point entails the revision of the legal basis that we currently have for the processing of personal data, as well as the explicit consent.
  4. If we work with data of minors, these terms should also be reviewed and updated.
  5. Finally, if our company operates internationally, it must be determined to which data protection supervisory authority it must submit.

We know that new changes scare and sometimes cause more than one issue. However, our advice is that you get involved with this matter as soon as possible. 


Comments

Post a Comment

Popular posts from this blog

Invoice Factoring – a business consideration

Image
  In today’s climate getting the sale is one thing but getting paid for your invoices can be a struggle to say the least! Growing businesses can be struck by cashflow issues. If your business is new lines of credit may not be established yet and this can lead to problems when you want to grow but can’t pay your suppliers. Getting a bank loan or setting up an overdraft facility might not be the route you wish to take. Money from previous sales not hitting your bank in time to pay your suppliers for new stock in order to fulfil future orders can constrict your business so let’s look at the advantages and the steps to consider in factoring your invoices. What is invoice factoring? Invoice factoring has been around for some time now and in essence allows you as a company to sell your invoices to a finance company. They in turn pay for the invoices giving you immediate funds. This then enables you to run you business and gives you a far more favourable cashflow. Another advantage of factori
Read more

Artificial Intelligence in Corporate Financial Operations

Image
In the information age,  artificial intelligence  has established itself as one of the most revolutionary forces, transforming industries and ways of life.  In particular, the financial sector, always seeking precision, efficiency and innovation, has embraced AI with enthusiasm and high expectations.  This guide explores  how AI is redefining the financial landscape , providing unprecedented opportunities and presenting unique challenges.   AI, with its capabilities in  machine learning ,  predictive analytics , and  processing large amounts of data , has found fertile ground in the financial sector.  On the one hand, it has the potential to  optimize existing operations , making processes faster and more accurate.  On the other hand, it paves the way for  new strategies and services , which until recently were considered impossible.   Finance , traditionally an industry driven by numbers and data, now finds itself  at  the centre of an AI-driven revolution .  This technology not only 
Read more

How interest rates affect us

Image
  If you are a follower of the economic press, one of items of news that has had more impact these days is the decision by the monetary authorities of both the United States and Europe to reduce the interest rate of money or announce future reductions in their respective areas of action. The question is, do these movements of high economic spheres really affect ordinary citizens? Do they have an influence on our day-to-day economy? The answer, although we don’t believe it, is yes, especially if we are small entrepreneurs. How changes in interest rates affect us When a Central Bank lowers the interest rate of money, what it is doing is lowering the price of money. Because, indeed, money has a price, the interest that central banks charge to commercial banks for lending them money. And yes, commercial banks are the ones who lend money to us. We start to see the relationship, right? A reduction in interest rates of money what it does is to encourage banks to lend money more easily, less i
Read more