In 2018, the GDPR was introduced and for many businesses it meant changes to their data management processes. Why was it introduced? In a world where data has become a currency, it was important to bring in regulations that protected the information of consumers, and a compliance software mught help manage that.
The GDPR not only affects large companies, it applies to all businesses, no matter their size, that obtain or process EU customer data. In a world where privacy needs to be designed with the consumer in mind, a lot more work is needed to ensure compliance with the GDPR, and that’s where GDPR compliance software comes in.
What is GDPR Compliance Software?
In a nutshell, compliance tracking software is a regulatory software solution that helps businesses manage their customer data, consent forms, policies, data processing activities, third parties, and data security. All of these elements need to be handled with the GDPR in mind. However, if done manually, these are time consuming tasks that can leave room for error. In fact, human error is the main cause of data breaches with 84% of companies experiencing a data breach by mistake.
A compliance management solution, when implemented correctly will become an indispensable tool to your organisation by increasing productivity and ensuring compliance. Furthermore, compliance with the GDPR will also mean you avoid fines down the line, as penalties can be up to €20 million or 4% of a businesses turnover.
Benefits of a GDPR Compliance Tool
The GDPR is not something that only protects consumers, it also protects your business, and when implemented correctly, shows customers what businesses they can trust and who is taking their data safety seriously. If you as a company uphold the GDPR and are transparent in doing so, your customers will have greater confidence in your brand above that of your competitors who are not transparent in their data processes.
In addition to brand trust and security, compliance tracking software has many benefits. It will cut costs, save time and reduce risk to a company by streamlining and maintaining processes. A GDPR compliance software is also useful as it provides businesses with a centralized space, where all information related to privacy and personal data will be stored.
This helps strengthen security and means you can easily attend to tasks such as generating reports, carrying out data subject requests and GDPR compliance in general. As data protection is becoming more established as a worldwide standard, having a compliance tool makes it easier to ensure your conformity.
Is GDPR Compliance Software Cost Effective?
In the short term, a GDPR tool may seem like a more costly option but once implemented, it will transform your data protection processes and negate the need for extra labour, you would
otherwise be paying for long term. Yes, it requires investment but the ROI you will receive through saving time and human resources, makes it a wise choice.
There are many compliance management solutions out there so it is important that you first understand what your business requires so that you don’t end up with a tool that doesn’t perform optimally. Once you identify your necessities, you can look for platforms that allow you to automate certain modules, removing the stress of GDPR compliance.
Some businesses do not feel they need a compliance tool, however without one, it becomes easier for information to be spread across multiple documents which can lead to time consuming searches and data breaches. If a company manages data poorly, this will be seen as non-compliance.
How to Implement GDPR Compliance Software
A GDPR compliance tool is a great place to start but it’s not going to make a business compliant all by itself. At Apex, we can work with any tool and ensure it is implemented and performing as required. We carry out a compliance management system risk assessment to understand where your business is at in terms of GDPR compliance and can then recommend what elements of the compliance tracking tool are most appropriate for your needs.
GDPR compliance software is often sold as a sole solution for compliance but without a dedicated professional to help set it up and manage privacy governance, achieving compliance can be a difficult task. That’s why we offer flexible data protection officer and privacy specialist services, so we can act as the bridge between a business and its compliance tool. This ensures the correct application of GDPR for every step of the compliance program implementation, further reducing a business’s risk and costs.
We are now offering free consultations so get in touch with us today and see where your business is at in terms of GDPR compliance and how we can help streamline your data privacy program.