Since May 2018 GDPR Compliance has been the new buzzword going around. With its effects extending beyond the borders of the EU countries to all other country-based EU corporations as well as corporations handling sensitive information of EU citizens.
But all this lingo aside – how do you comply with all this? Most small companies and NGO’s do not have a legal council on hand nor have a legal professional on staff to help with this. Appointing one would cost a fortune that not all the smaller companies can afford.
BRINING IN TECHNOLOGY
In the current digital day and age, would there be a possibility to device a technological system that can monitor your company’s Compliance and provide adequate guidance? The simple answer is – yes, science and technology are advancing towards this.
Imagine how simple life would be if your technology could understand your business set-up. And then, based on this, design the regulatory paperwork and documents specifically needed for you to comply.
Imagine the bliss – no more having to try and read through mountains full of legal jargon and other paperwork!
Your company will always be Compliant and up to date. A system will guide you as to what information is needed from your clients and what specifically it will be utilized for. Compliance reporting will then be as simple as the touch of a button. No more stressing about Compliance audits or unplanned for “no-Compliance” fines!
This is not all “pie-in-the-sky” dreaming as it may seem. The UK FCA (Financial Conduct Authority) is currently in process of establishing a guiding technology system which can help to take paper Rules and put in electronic format. After which it can then be utilized in such a way as to guide and steer a company on data and financial Compliance.
IN CONCLUSION
Governing authorities are not there to always play the bad cop and trying to catch you out if your company makes a mistake. They all want to work together to create a global sense of privacy, security, and Compliance; not only for the individual itself but also for small, medium and large companies as well as governing bodies.
Let’s keep a keen eye on the Future to see what wonderful developments can be expected in the field of data and financial Compliance!
Please feel free to leave any comments or suggestions on how this blog article provided some insight for you.