A Practical Approach to Solving the GDPR Vendor Compliance Puzzle
The European General Data Protection Regulation (GDPR) goes into effect on May 25, 2018 and covers U.S. companies in many instances. There is no ramp-up period and compliance is required on day one. A critical component of GDPR is establishing a meaningful vendor contracting and compliance process. GDPR is a game-changer for vendor compliance and penalties are substantial-up to 4% of a violating company's total global annual turnover or €20 million, whichever is higher. Sourcing, compliance and legal professionals accountable for vendor management must understand and take action on GDPR.
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The European General Data Protection Regulation (GDPR) goes into effect on May 25, 2018 and covers U.S. companies in many instances. There is no ramp-up period and compliance is required on day one. A critical component of GDPR is establishing a meaningful vendor contracting and compliance process. GDPR is a game-changer for vendor compliance and penalties are substantial-up to 4% of a violating company's total global annual turnover or €20 million, whichever is higher. Sourcing, compliance and legal professionals accountable for vendor management must understand and take action on GDPR.