GDPR: WE ARE READY, ARE YOU?

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GDPR WE ARE READY, ARE YOU?
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Europe is a bounteous marketplace for the ITeS,
BPO and pharmaceutical industry in India. The
size of the IT industry in France and Germany is
estimated to be around 250 billion USD. Thus, for
the Indian industries to continue their business
in Europe, they need to be GDPR compliant. What
is GDPR? The General Data Protection Regulation
Act, in effect from 25th May, 2018 is a new data
privacy law introduced by the European Union
and it is a bit of game changer. It affects
people across the world and not just in Europe.
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Five basics you must know about GDPR. It
applies to everyone who processes personal
data most obviously, credentials like names,
email, contact and other types of personally
identifiable information. Creates significant
new responsibilities If you process any personal
data, you are now truly responsible and
accountable for its security and way it is
used. Global Outreach It might be an EU law,
but it can apply to anyone. Doesnt just apply
to traditional businesses The principles are
concerned with what you do with other peoples
data, no matter who you are or why you do it.
Risks to non- compliance Up to 20 million pounds
(24 million) or 4 of global revenue, whichever
is higher. Being GDPR compliant is not an
option.
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The data in any form is increasing per day, same
are the compliances. The compliances applicable
to your organization are changing on a regular
basis. In this regard having Governance, Risk and
Compliance System or Compliance Management
Software helps strengthen an organizations
compliance framework and puts it on auto
pilot. COMPLINITY is a Governance, Risk and
Compliance Software helps you to manage legal and
compliance risks for your Company. COMPLINITY
helps you to track and monitor your compliances,
manage your contracts, track litigation, map
risks controls and establish a world class
compliance framework.
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Complinity tracks over 600 laws on a real time
basis and helps in monitoring of compliances by
the Company under all applicable laws.
Complinity provides applicable legal updates on a
real time basis so that you are always aware of
the latest changes in the law and its
implications. Complinity acts as a repository
or record management of all documents / challans
which can uploaded to the software for easy
retrieval. Complinity sends alerts and
reminders to the users and escalations to senior
management. Complinity provides real- time
detailed dashboards and reports. It tracks and
monitors the regulatory, statutory and internal
compliances and eases the work of
stakeholders. You can safely forget your clumsy
excel sheets and folders and migrate to a
seamless system.