Compliance management has become a critical business function for every organization regardless of the size. Keeping track of the rapidly evolving compliance landscape requires time and resources.
“The cost of non-compliance is great. If you think compliance is expensive, try non-compliance.” —Former U.S. Deputy Attorney General Paul McNulty.
For example, The EU General Data Protection Regulation has fundamentally transformed how businesses handle personal data. Any company that does not follow these new norms face severe fines, potentially up to €20 million or 4% of annual global revenue, depending on the severity and circumstances of the violation.
What is compliance management
Compliance management is a collective term for all the tools and processes a company implements to ensure compliance with the rules. Compliance management aims to detect compliance violations and also protect a company from these violations which can cost a company considerable reputational damage and high financial penalties.
The goal of the compliance management program is to reduce an organization’s overall risk of non-compliance with the legal, regulatory, and industry standards that apply to the business. Effective corporate compliance management covers internal policies and rules and federal and state laws. Compliance management is very important because noncompliance may result in fines, security breaches, loss of certification, or other damage to your business.
GDPR can be considered as the world’s strongest set of data protection rules, which enhance how people can access information about them and limits on what organisations can do with personal data.
GDPR is here to protect personal data of users, for example, names and email addresses, location information, ethnicity, gender, biometric data, religious beliefs, web cookies, political opinions, etc as well as data processing: collecting, recording, organizing, structuring, storing, using.
There are several key data protection principles:
- Processing must be lawful, fair, and transparent to the data subject.
- You must process data for the legitimate purposes specified explicitly to the data subject when you collected it.
- You should collect and process only as much data as absolutely necessary for the purposes specified.
- You must keep personal data accurate and up to date.
- You may only store personally identifying data for as long as necessary for the specified purpose.
- Processing must be done in such a way as to ensure appropriate security, integrity, and confidentiality (e.g. by using encryption).
- The data controller is responsible for being able to demonstrate GDPR compliance with all of these principles.
Compliance management is not an easy field to master. Companies often implement compliance management software to automate and streamline many compliance processes.
Compliance Management & VYou
VYou offers compliance management. With the VYou app you can comply with Privacy Regulations and scale, VYou does it for you. You can literally forget about the issues that may arise with GDPR, VYou takes care of all critical privacy factors. Create, store, and manage users access as well as privacy data, at scale in one place: VYou app.
VYou allows you to easily get consent and build loyalty. VYou makes it easy to comply with the GDPR’s requirements as you grow your audience. You can enable VYou app’s double opt-in settings for your audience where needed, or to provide additional evidence of consent.
VYou show when someone opted in to receive marketing from you, so you can prove consent and modify or remove personal information any time you need to.