Kære læser. Artiklen her er en del af det engelske magasin Copenhagen Fintech. Indholdet er udformet på engelsk, da det også henvender sig til en udenlandsk læserskare, som deltager på eventen Money2020, hvor Berlingske Media er mediapartner. Magasinet er udformet af Berlingske Medias kommercielle redaktion i samarbejde med Copenhagen Fintech. God læselyst.
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Staying ahead of the game when it comes to the EU General Data Protection Regulation (GDPR), in an age of ever increasing mountains of data and the associated potential for abuse – is quite some task.
Companies are not only obliged to have clear documentation and policies on how they handle personal data, they must know the whereabouts of data, its usage and who is accessing it.
The task becomes difficult because:
1 Personal data can be elusive – Data on its own could be meaningless or without risk, but pieced together with other personal data, it could become high risk because you can link it to a real person.
2 Efforts needs to be ongoing – This is not just a matter of fix and forget. With GDPR, the less governed your data is, the harder it is to stay compliant.
3 GDPR calls for an organization-wide focus – If a consumer withdraws consent, the erasure of the consumer’s data is the consequence of this. That could prove tricky if duplicate consumer data resides in various formats and systems. Therefore improving data quality and data governance processes throughout the organization becomes necessary.
5 Steps to Help your Journey to Compliance
It’s clear that GDPR will affect your entire organization. You’ll need to rethink how personal data is handled from the source of origin to the point of consumption. With industry-leading solutions for data management and analytics, SAS can help you meet evolving data protection compliance demands. We recommend five steps to help make your compliance efforts more manageable.
Compliance with the GDPR may be your primary goal today. But keep the larger goal in mind
With a solid data strategy, and better data quality and governance processes, it’s not just your GDPR efforts that will be rewarded. The insights uncovered can provide a foundation for faster, better business decisions across the enterprise. So you’ll be positioned for the next regulation that comes into play – and gain a competitive edge along the way.
This article is part of the commercial publication 'Copenhagen Fintech'. Click here to view all articles