Compliance and data rights and protection for an individual might seem to be at loggerheads with each other. With the new GDPR regulation of May 2018, a person has a right to “be forgotten”.
At a certain point in time you, as the consumer, may request that your data be deleted from a company’s database.
This is all fine and well, but what about the financial side of things where the law might require the information to be kept for a little bit longer period of time?
MERGING THE TWO WORLDS
Data Compliance is a tricky minefield. But the intent behind the regulation was never at any point in time to cause a negative impact on a company or small NGO, nor to discriminate against the individual data rights of a person, but laws must also be complied with.
The aim of the regulation is more of an informative nature. Clients are to be kept in the loop of what is required from them by a company, what their data will be used for and to whom it will be distributed to, if at all. For companies, this is to regulate and safeguard client information – so gone are the days of “selling” individual client information to other marketing companies.
The new regulations also want to protect data integrity and safety of the companies. Sp any breaches in information security needs to be handled as a matter of urgency and within the correct prescripts, whilst also informing the client affected.
REGTECH
Compliance Compendium aims to provide a client-centered, user-friendly way of data Compliance with its RegTech services. It is an electronic guidance system which provides a cost-effective way for large corporations, small companies and NGO’s to comply with the new data laws and regulations.
So no need to stress if you can’t afford permanent legal council or have no clue about all the legal jargon. Compliance Compendium will be your company’s ideal middleman in this situation.
With the new digital age at hand, you will be guided step-by-step on this journey. Yours will then forth be known as a company that handles all data of its EU citizens in a responsible and Compliant manner.
IN CONCLUSION
When in doubt, consult. And that is just what you should do. Don’t sweat the small stuff (or in this case, the big stuff), consult with the best. Compliance Compendium is your friend to have when it comes to data Compliance.
Feel free to knock on their door at any time for some much-needed advice.
Please feel free to leave any comments or suggestions.