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Finance Department: What is GDPR?

General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) is a new set of rules created by the European Union to protect its citizens’ personal information and data privacy. These regulations will go into effect on May 25, 2018. Before this date, it’s important that you know what your finance department needs to do to prepare for this new law as well as how to ensure your finance team has what they need to be GDPR compliant when the rules go into effect. Here’s what you need to know about GDPR and your finance department, no matter where you are in the world.

GDPR-graphic

GDPR & Data Breach :

Data Breach and GDPR was a major theme of the week as many panels focused on this topic. Big data and micro-targeting (direct marketing) were both cited as a future issue for finance departments, who need to protect against these threats.
Steps-to-take-when-reporting-a-data-breach-1
The new General Data Protection Regulation (GDPR) requires any organization that collects the personal data of people in the EU to provide protection for that data by design. When personal data are collected, organizations must have clear, specific purposes that they are collecting information for so individuals can make informed choices. Importantly, consent from an individual is required before any information can be collected or shared with others.

GDPR & Customers :

The latest data protection law in the European Union, General Data Protection Regulation (GDPR) goes into effect on May 25th. The regulation will change how we handle personal data of customers, employees and other stakeholders.
privacy-data-lifecycle-management

To comply with this new regulation, every company must appoint a single point of contact who will take responsibility for preparing and executing the compliance strategy as well as ensuring all legal obligations are met. It’s clear that there is a lot to get your head around when it comes to the GDPR finance department, but the following quick guide should get you started in the right direction.

GDPR & Employees :

Companies that process or hold data of any EU citizens need to abide by this regulation. Here, finance departments will be responsible for making sure the company complies with regulations like GDPR. Finance will also have a significant role in proving the value to shareholders and customers of compliance investments that go into the implementation of such policies.
GDPR & Employees
The IT security department and data protection officer will work closely with finance, but their responsibility is all-encompassing while finance’s role on a day-to-day basis often encompasses more budgeting than it does setting strategy.

GDPR & Vendors/Partners :

It’s not just one company that has to comply with GDPR; it’s any company that handles data on EU citizens. The Global Data Protection Regulation (GDPR) was approved by the EU in 2016 and came into force in May 2018.
Vendor-Relationships-Under-GDPR
This regulation affects companies, governments and organizations of all kinds. It applies to any business that processes personal information on an individual living in the EU, regardless of where the company or organization is based. The regulations also apply to any business or organization outside of the EU who does business with customers in the EU.

GDPR & Managing Processes :

Process management will continue to be a challenging undertaking in any industry. The European Union’s General Data Protection Regulation, or GDPR, which goes into effect on May 25, 2018, establishes stricter requirements for data management and protection throughout the EU. While these regulations are principally about providing greater control over personal data for EU citizens, they have implications for businesses as well. Process management will continue to be a challenging undertaking in any industry.
GDPR Processes
The European Union’s General Data Protection Regulation, or GDPR, which goes into effect on May 25th of this year establishes stricter requirements for data management and protection throughout the EU. While these regulations are principally about providing greater control over personal data for EU citizens, they have implications for businesses as well.

GDPR & Tools To Help :

The General Data Protection Regulation is a European Union law that impacts the way companies collect, store, share, and protect customer data. In effect from May 25th 2018, the GDPR was designed to give individuals more control over how their personal data is handled.
GDPR-Tools
It also intends to improve transparency for how firms make use of people’s information, and it requires organizations of all sizes to establish procedures for handling these matters responsibly. Furthermore, organizations need to notify citizens about data breaches within 72 hours or face fines.
The good news for most small businesses that are struggling with data breach reporting obligations under the GDPR are tools like DataBreachHQ.

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