GDPR Regulation is coming – 25 May 2018

The implementation date for the EU Data Protection Regulation (GDPR) is 25 May. Despite Brexit, all UK businesses, including yours, will need to comply. In order to maintain business links with EU countries, the UK will need to create EU equivalent rules and regulations. GDPR regulation is an example of this, and you must comply with it, if you want to trade with the EU. You should know that GDPR regulations are more favourable to consumers than businesses.

 

Personal Information

As personal information becomes more regularly shared and you might well hold, as many businesses now do, huge volumes of customer data, there is a need for management and control over what you and other businesses can do with that information.

 

Fines and Penalties

GDPR gives regulators the ability to apply large fines of up to 20m Euros or 4% of global annual turnover – whichever is higher, for non-compliance. As such, you need to take these new regulations seriously and will need to implement changes to the way you operate, depending on the type of personal data you hold. This will include customer records, databases, CRM systems, etc.

 

Contracts, Policies and Procedures

In addition, you will need to ensure that you have appropriate policies and procedures in place, with regards to any personal data you hold or process. It’s also worth you reviewing supplier contracts to ensure they are GDPR regulation compliant. Finally, your recruitment, HR policies and procedures should be reviewed, to ensure personal data is managed in a way which is compliant with GDPR regulations.

 

GDPR Consultants

There isn’t much time left before GDPR regulation comes into force. If you haven’t yet prepared for GDPR regulations, your best approach is probably to consider hiring an external consultant to advise your firm on getting up to date as quickly as possible.

 

To get more insight into data protection and GDPR, please also refer to our previous post on GDPR and how this affects you and your business.

 

Lotuswise Chartered Accountants and Business Consultants can help support you and your business with the complexities of the new GDPR regulations. To find out how, please contact us. To also get even more useful business and finance information and tax advice tips, check out our app on Google or Apple stores.

Share This: