GDPR compliance is expected to cost members of Fortune 500 a combined $7.8bn, or about $16m each .
Entry into force and application by 25 May 2018 requires various business changes to be made and numerous new business processes to be enacted. The legally required changes to your business operations may be first approached by appointing a Data Protection Officer (designation, position, and tasks in articles 37, 38,39).
From there, the changes get more technical and require, for example, your Master Data Management operations to adopt data minimisation practices and to design and implement pseudonymisation by means of encryption or tokenization.
Beyond governance, policy change, and technical requirements there is a new set of business processes which need to be designed and enacted. Resolving to manually enact comes with a price which could be dramatically reduced by automating as much as possible of these processes. Additionally, GDPR comes with some defined time-frames for performing specific actions, realising these time-bounded actions automatically is your best bet to remain compliant and avoid large fines.
We identified a number of GDPR activities and processes which are subject to a high-degree of BPM/RPA automation, here's a non-exhaustive list of these to watch out for:
The cost of compliance to GDPR is less than the cost of non-compliance , this is considering the fines up to 10,000,000 EUR or 2% of annual worldwide turnover and 20,000,000 EUR or 4% of annual worldwide turnover. The true cost of GDPR compliance can be made far less than the cost of non-compliance by adopting process automation for the newly arising processes.
Prime Automation offers GDPR compliance robots for your business systems landscape. Are you interested to know how we can reduce the bill of your GDPR compliance? Contact us for a conversation.