28 Sep 17

Accelerate your GDPR compliance before May 2018

Accelerate your GDPR compliance before May 2018

The May 2018 deadline for complying with the new GDPR regulation is looming, bringing new reputational risks and very significant increases in financial penalties. GDPR is a focus for all companies and while all customer facing aspects of data are naturally a priority, for many, ensuring upfront and continued compliance within complex supply chains is still work in progress.

To help our clients accelerate compliance now and in the future, State of Flux and Seal Software have developed an end-to-end technology solution which makes it easier to quickly identify suppliers with access to personal data and analyse relevant clauses within supplier contracts. In addition to assisting with compliance, for minimal extra effort and cost, the scope can be increased to look for hidden value in supplier contracts. By identifying key information within contracts the potential for financial loss can be significantly reduced; unwanted contracts which auto-renew can be terminated - or renegotiated, or value may be found in rebates and discounts hidden in the contract. Identifying and understanding key contract clauses will ensure management activities are focused, thereby reducing risk and generating value (or minimising loss).

If GDPR compliance and contract management is one of your priorities now, do give us a call, we have an experienced team here to help!

Six things to help with managing GDPR risks:

  1. Develop a segmentation approach which enables you to identify key suppliers according to their level of access to personal data.
  2. Work with key business stakeholders to define your organisation’s risk appetite.
  3. Agree the appropriate treatment strategy for each supplier group and ensure there is clear accountability among stakeholders for communication and next steps.
  4. Utilise technology to help quickly find and analyse contracts, ensure there is a clear communications plan and audit trail of activity to achieve compliance.
  5. Maximise the ROI from the entire GDPR process, making use of the time to ensure you update your contract management processes that will assist with better contract management going forward. Technology and a structured repeatable contract cleanse process will help achieve this.
  6. Capture the end-to-end compliance process and utilise technology such as Statess, which helps manage supplier risk, performance and contracts. Not only will this notify you when there are opportunities to deliver value by flagging supplier rebates, renegotiations and upcoming renewals, it will also make it easier to comply with future requirements (e.g. Brexit).

For further information please contact us at enquiries@stateofflux.co.uk or call Nick Hyner 020 7842 0600.