In this era of big data and new compliance regulations, managing your policies through manual processes that include hundreds or thousands of documents, spreadsheets, and emails is simply not viable.
It’s not a stretch to say that the General Data Protection Regulation (GDPR) is one of the most talked about highly anticipated regulations today as we close out our final weeks of 2017 and head boldly into 2018. The GDPR has been deemed “the most important change in data privacy regulation in 20 years” and with it come a myriad of varied and complex compliance regulations that must be understood, managed, and followed. Enforcement begins May 25th, 2018 so all companies that utilize or interact with EU citizens’ private data have just over five months left to prepare and get set up to comply with this sweeping regulation.
For companies to be successful in complying with the GDPR, they need to fully comprehend and manage it from a policy perspective, which then enables them to better execute from a tactical perspective. For this post, I’m just going to focus on the policy management foundational piece as it relates to the GDPR.
As big data becomes more pervasive and prevalent we will continue to see new complex regulations similar to the GDPR, so companies today need much more sophisticated tools to ensure they’re successful in complying with these regulations, as the cost for non-compliance can be huge. For example, the GDPR can penalize a company up to 4% of its global revenue for non-compliance. For an average Fortune 500 company, that can be $1B to $2B.
In this era of big data and new compliance regulations, managing your policies through manual processes that include hundreds or thousands of documents, spreadsheets, and emails is simply not viable. There are too many complexities to keep of track of with regulations like GDPR and trying to manage them manually is just setting the stage for a host of errors, not to mention the exorbitant amount of time it takes to aggregate, track, and report policy data when you’re dealing with hundreds or thousands of documents, spreadsheets, and emails.
At Mitratech, we developed PolicyHub specifically to solve this problem for companies. We created a single unified and fully integrated policy management system that is automated and handles a vast array of policy management requirements, like GDPR. What we know is that the compliance risk is too high to continue managing policies manually for complex regulations like GDPR. You have to set yourself up for success with tools built specifically for this purpose. Obviously, we believe that we have the most robust, flexible, and user-friendly policy management system on the market that would be perfect for handling GDPR policies, but what would a GRC industry analyst say about PolicyHub?
Recently, the analysts at GRC 20/20, an independent analyst of governance, risk management, and compliance (GRC) solutions, conducted a full review of PolicyHub as a policy management solution specifically for GDPR. In this review, they gave an objective solution perspective on exactly how and why PolicyHub can help global companies manage all the complexities of the upcoming GDPR from a policy management perspective. As part of the GRC 20/20 evaluation and research, they also interviewed a variety of current PolicyHub clients to get feedback from those actually using the product and understanding exactly how they were getting the most benefit and ROI from it. Check out this in-depth review of PolicyHub and see why it just might be the perfect solution for you.
Download the GRC 20/20 PolicyHub GDPR Solutions Perspective below.