To protect the privacy of European Union (EU) citizens, the EU Parliament passed the General Data Protection Regulation in 2016, completely overhauling the ways in which companies must handle personal data. The GDPR presents new data privacy laws that any business handling data of EU citizens must comply with. GDPR compliance is effective 25 May 2018. The GDPR has immediate effects on how EU citizen data is handled and has implications for future data protection around the globe.
The emergence of big data has allowed for groundbreaking innovation and remarkable efficiencies in our day-to-day lives. However, as the use of data grows, so do concerns over personal privacy, including the increasing threat of security breaches and an individual's “right to be forgotten.” Data theft can result in personal data being used for identity theft, illegal purchases, and more. The GDPR serves to protect EU citizen data and how it is used, through increased transparency, user control over data, and permission-based data usage.
Not only do businesses in EU member states need to follow GDPR compliance, but also any business that handles transactions for EU citizens. These include:
Companies must put in place new, compliant systems for managing personal data or face heavy penalties of up to 4 percent of annual turnover or €20 million, whichever is greater. Not following GDPR compliance may result in:
Unless a business is willing or able to completely ban EU citizens from being customers, GDPR must be followed.
Data transparency is the foundation of the GDPR. Some mandates for updating systems and processes involving data for GDPR compliance include:
Other than data collection to execute a sale, data must not be stored or used without clear consent from the customer.
Additional key features of GDPR compliance include:
To meet GDPR compliance for contracts, businesses must:
Not doing so by 25 May 2018 means your business can face fines.
Contract data may be a source of barriers for GDPR compliance. Fortunately, Exari's contract management platform enables affected firms to assess and address their most pressing contractual issues that may affect GDPR compliance. Features include:
Exari contract management technology can help businesses achieve GDPR compliance more quickly.
You have a lot of contracts flowing around your organization. If those contracts live on various desktops or shared drives, you may be in GDPR breach without even knowing it. The first step toward GDPR compliance is identifying your data. Exari Vision, the artificial intelligence-powered data capture engine, can quickly and comprehensively extract the data from every one of your existing contracts, allowing you to understand what personal information you have in your possession and how it needs to be handled.
Once you know what types of personal information is stored in your contracts, you can begin the process of re-papering those agreements, where necessary, to ensure they meet GDPR compliance. Exari's patented document automation tool, DocGen, streamlines the process of re-papering contracts with intuitive, browser-based interviews, efficient workflows, and eSignature integration.
After all your contracts are revised and fully compliant, you need a way to securely store them and maintain constant insight into your contractual risk. With Exari, every contract is housed in a central repository, accessible only to authorized users and protected by Exari's robust security protocols. With all contract data centralized, you can run comprehensive reports to monitor the risks and trends across your entire portfolio and act quickly to mitigate any issues.
The goal of Exari is to help all businesses optimize contract management. That includes following all regulations and keeping business and customer data safe. If you need GDPR compliance assistance for your business, contact Exari for a free customized demonstration on how services like Exari Vision, Exari DocGen, and Exari Contracts can help you meet GDPR compliance standards.