What is GDPR?
Investopedia defines General Data Protection Regulation (GDPR) as:
“The General Data Protection Regulation is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union. The GDPR sets out the principles for data management and the rights of the individual, while also imposing fines that can be revenue-based. The General Data Protection Regulation covers all companies that deal with the data of EU citizens, so it is a critical regulation for corporate compliance officers at banks, insurers and other financial companies. GDPR will come into effect across the EU on May 25, 2018.”
Since the policy will be implemented in the coming year, here are a few methods to avoid a GDPR audit and perform and initiate complete compliance with the provisions of the Data Protection Act of 1998, which was enacted following the 1995 EU Data Protection Directive.
1. Ensuring proper personnel are put in charge:
Your audit certificate requires you to show how your company stores, manages and, in some cases, manipulates the personal data that is collected. Therefore, ensure that the clerks put in charge of entering, logging and managing the data are well-trained, well-educated and aware of consequences of any breaches.
The clerks should be briefed about a consistent manner of inputting and sharing of data that should be followed across the company and its branches. The auditor in charge should also be made aware of the system and practices followed by the company.
2. Make use of technology
Keeping physical copies of the data and accounting records can prove to be very risky – both from the perspective of safety and auditing. Clerks and accountants can make errors or omissions, and the paperwork is exposed to dangers and hazards at all times. Therefore, companies should use apps or software designed for the purpose. Not only does software automate the process, it also ensures complete transparency and less time consumption.
3. Regularly test your systems
The only problem with software is that it can sometimes go wrong. Therefore, conduct regular comparisons and tests.
4. Create a protocol response plan
To meet GDPR’s 72-hour breach notification rule, organizations need threat-detection controls and processes in place to alert them to incidents, but they also need a data-breach response plan that allows them to quickly and accurately determine the scope of impact.