If you are a business with even one contact in the EU, you should have an understanding about the recent updates to the general data protection regulations. GDPR implications are a major threat to those that violate them but can be an opportunity for those that abide by these regulations. GDPR is – or should be – at the forefront of every CEO’s mind within their professional services firm -- despite the uncertainty that many organizations have about how to implement this within their organization.
You don’t have to be based in the EU to be the only one concerned with the General Data Protection regulations, having EU contacts in your professional services firm means GDPR compliance applies to you as well. Provisions at this time are somewhat difficult to understand and contain a degree of ambiguity, which does leave requirements open for interpretation. Many businesses outside of professional services have their compliance strategy well under way as of May 25th, 2018 – keeping data properly protected that has been collected from customers, suppliers, current and past employee details and marketing, as well as supply details on storage duration and how data is protected.
Many services firms prefer to wait and see how the rest of the business world reacts before making any major moves, while others are looking to find a GDPR compliance solution that will provide a more formal process with policies in place. As for now, it never hurts to be ahead and avoid the sanctions that are an unknown to professional services firms. There may be a considerable amount of uncertainty on how to begin implementing but here is a list of steps that will help make things clearer.
Following these 6 Steps will help you map out a proper compliance strategy for your services firm:
- Compliance Planning and Personal Data Audit
- Obtain and Manage Consent
- Implement GDPR Processes
- Educate Employees
- Data Protection Requests (Download guide to see the types of data requests)
- Monitoring, Reporting and Record Keeping
Download this guide to view a comprehensive description of each step and what you need to do to become compliant: Six Steps to a GDPR Compliant Organization
To further your understanding on the trends, challenges, and opportunities for the Professional Services industry, download this guide: Guide to Top Trends in Professional Services… and their impact on current business models.