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European Businesses Creating an Action Plan for Corporate Compliance!
The European data protection regulation is made the customer, the fundamental driver, and the task of complying with the regulation has become the core responsibility of businesses.
FREEMONT, CA: The EU compliance regulation is now having a far-reaching impact for organisations throughout Europe. To address the compliance requirements, European enterprises are employing different encryption methods within both on-premise and cloud infrastructure environments. Besides, strong key management is also required to protect encrypted data. Firms will also need to verify the legitimacy of user identities and transactions to prove compliance. No single solution will make an organisation compliant to regulations. But, businesses are changing rapidly, that the old ways of managing compliance risks might lead organisations to fall behind. Realising this, enterprises in the EU are finding better ways to manage them and bring in risk intelligence. For this, compliance monitoring is essential to ensure that ethic policies are followed at every level in the organisation.
According to the survey conducted by the European Business Awards points out that almost 30 per cent of European businesses admit that they are still not compliant with the General Data Protection Regulation (GDPR). It is nearly over three years since GDPR came into effect and only 57 per cent of businesses are confident that their company follows the rules and the further 13 per cent are unsure either way. In most cases, human resource, information technology, marketing, and security teams interact with customer data and therefore, should be aware of the General Data Protection Regulation. The primary objective of being compliant with regulations is to give citizens, control on their data, and once it takes effect, it will orchestrate previous and other data protection regulations throughout the European Union. Below are ways in which European organisations are handling compliance monitoring.
· Compliance Strategy
A compliance strategy may anticipate future industry trends across business, services, products, and geographies, which are helping companies gain a competitive advantage through well-planned compliance management programs. The right combination of technology and best practices are making compliance process more effective for business. With innovative tools, it becomes easy to stay ahead. An efficient approach for managing compliance risk adopted by European business is to use tools that can extract data from their systems and then tell what is deviating from the desired policies.
· Compliance Assessment
An increasingly popular way Europe based businesses are using to manage compliance risk is to build a framework and methodology for evaluating the risks. It is a comprehensive and customizable framework which refers to a set of guidelines and policies that reflect how they can adhere to compliance regulations. Typically, it is penned by the compliance and risk management teams in enterprises.
· Risk Management
Firms are increasing risk and compliance to an enterprise-wide risk management process. This is ensuring that any risks faced by the organisations are not considered in isolation, but including all activities related to risk management and compliance. It is providing a framework that can be leveraged to access the businesses’ exposure to risk. This is helping them make timely and informed decisions. Employees ranging from senior managers to risk practitioners are involved in this. Corporate management leaders are also communicating expectations and values to make each employee in the company aware of what they adhere to— laws, regulations, and company policies.
Businesses are acknowledging that being transparent about how data is used and protected is now needed by law. Companies which find value-protecting privacy, which are transparent about the use of consumer data, and which tailor and implement progressive ways of managing customer data throughout its life cycle, are building deeper trust to retain more loyal customers.
Check Out : Enterprise Risk Management