Safeguard personal information and hold organisations accountable for the security of information in their care
Collecting information isn’t as simple as it used to be, and organisations need to adhere to legislation concerning information privacy. The most pertinent is the General Data Protection Regulation (GDPR), which safeguards personal information and holds organisations accountable for the security of information in their care.
Privacy compliance is daunting. The scale, effort, cost and time involved in implementing new processes, controls and metrics is considerable. What’s more, on the surface there doesn’t seem to be any potential financial gain involved – rather, it appears simply to be about the avoidance of fines. In reality, though, compliance brings real benefits such as improvements in data governance, reputation and customer satisfaction, along with a boost to your organisation’s external value proposition.
Why do companies outside the EU need to comply with privacy legislation? Simple: all countries worldwide are moving towards a universal standard that not only complies with the EU, but with global legislation as well.
Compliance extends to sharing information with third parties. The problem is, your organisation may share sensitive data with third parties that have poor policies, governance and controls relating to personal data. Since you will be held accountable for their transgressions, these parties can have a direct financial and reputational impact on you, with your organisation fined to a level that could see it liquidated.
DATA GOVERNANCE IMPROVEMENTS
CUSTOMER SATISFACTION IMPROVEMENTS
EXTERNAL VALUE PROPOSITION BOOST
The Phinity cloud platform provides the data integrity and workflow automation crucial for effective privacy compliance. Our software simplifies the exercise with a built-in, risk-based approach.Our solution effortlessly provides the relevant metrics to ensure ownership and accountability of each compliance step throughout your organisation, with the required evidence and supporting documentation stored together for instant access. This dramatically reduces the cost and time involved.
What’s more, it’s completely scalable for businesses of any size, bringing together an inside and outside view of your compliance. Identify high-risk third parties and implement risk mitigation plans in real time, leaving your organisation's resources to concentrate on other tasks.By implementing our automated solution to validate and score all related privacy processes and controls both internally and for third parties, both your corporate social responsibility and your reputation as a strong governance and compliance advocate will be seriously enhanced.