Benjamin Franklin once wrote that ‘in this world nothing can be said to be certain except death and taxes’. But in these more modern times, especially for financial services organisations – we should perhaps add ‘regulation and compliance’ to the list. In 2018, a wave of new regulation is being introduced – and one of the most far reaching is the General Data Protection Regulation (GDPR).
GDPR: are you ready…?
From 25 May 2018, organisations across Europe will have to strengthen controls associated with collecting, managing and using personal data. Resulting activity will see significant changes to IT systems as well as the way organisations engage with their customers.
There’s less than a year to go until GDPR becomes a way of life, but a survey in May 2017 suggested that only 10% of organisations have mature GDPR plans in place – with a further 40% at an intermediate phase.
That leaves half of organisations at the beginning of their compliance journey – and the clock is ticking!
GDPR: the cost of non-compliance…
Becoming fully GDPR compliant will be challenging and will require a holistic approach to data management and governance. Organisations run the risk of failing to respond to the scope of activity involved and the amount of time needed to ensure compliance. Another common issue is the lack of skills and experience to deliver such a comprehensive change to governance controls across a business. To put this into context, in 2016 alone there were 1.4 billion data breaches across the industry.
Fines for failing to comply with GDPR are expected to be highly penal as well as leading to material reputational damage.
Don’t go it alone – work with an expert in assured compliance
So what should today’s hard-pressed organisations do, especially if they don’t understand the full extent of GDPR? The answer is to work with an organisation like Sopra Steria that’s got a track record in complex data management AND offers a ‘comprehensive’ approach to GDPR compliance. Our pragmatic ‘think, build and run’ approach empowers organisations to pick and choose the path to GDPR compliance that is right for them. As experts in Data, Analytics and Technology, we can help you quickly identify data gaps and risks, work with you to develop remediation solutions and support you moving forward with on-going compliance monitoring.
The clock is ticking…
So don’t get caught out! Make sure you aren’t one of the 50% of companies still asking “What is this GDPR”? Take your first steps today to GDPR compliance and get fully prepared for the 2018 deadline. Remember, 2018 is the year of new regulation – make sure it’s a happy one!
Get in touch to discuss how to meet your GDPR challenge and support your journey to assured compliance.
Authored by Miles Elliott, Director of Credit Risk