In May 2018, the EU General Data Protection Regulation (GDPR) will take effect, introducing a stringent set of data protection laws. Any business working with customer data, regardless of size or industry, will need to understand its implications and develop a plan for compliance. Firms that fail to comply could face fines of up to €20 million or 4 percent of annual turnover, whichever is greater.
While GDPR presents a host of challenges for businesses, it opens a world of potential for law firms. In a recent webinar, Phil Ayton, Director of Sysero, explored how law firms can turn GDPR into an opportunity for client development by proactively addressing compliance through technology.
A Framework for Risk Mitigation
GDPR is all about being able to effectively manage and measure risk. With an impending deadline, the ability to swiftly implement compliance also is of utmost importance.
Legal teams can use automation-based technology to help clients quickly assess and manage risk within their organisations and pave a path towards compliance. Automation offers legal service providers a simple and effective way of helping clients prepare for GDPR by enabling easy data capture, built-in compliance and streamlined processes.
The starting point, however, is defining a framework for risk measurement.
1. Assess: Capture detailed information on the organisation’s current data privacy practices and relevant systems.
2. Plan: Create a tailored GDPR legal assessment and action plan based on client input. This should include a detailed list of work to be completed by the firm in partnership with the client.
3. Deliver: Provide personalised advice to client and deliver work outlined in planning.
4. Measure: Track and monitor the work completed by the firm.
The time for planning for GDPR is now, and automation can provide a simple solution to navigating a complex challenge. Watch the webinar to learn how your team can turn GDPR into an opportunity for client development.