Protecting Your Most Valuable Business Asset: Data
Blog | October 14, 2016
Updated: November 26, 2018 | Share on Facebook Share on Twitter Share on LinkedIn
Rules, regulations, laws, statutes, mandates, codes – whatever name they go by, legal structures such as these are facts of life for businesses worldwide. Organizations who develop efficient systems for responding will benefit in many ways. They minimize the risk of noncompliance, protect the organization’s reputation, increase consumer trust and loyalty, and may even realize a competitive advantage.
Regulations and laws form the basis of an ordered society. But they also add to the cost and complexity of doing business. If your attraction serves international guests – which most do – the requirements for compliance become exponentially more challenging.
Identity information (or PII – Personally Identifiable Information) is the focus of many new regulations, but PII is only one category of compliance your organization will need to navigate.
Among Gateway’s customer community, common areas impacted by changing regulations are these:
GDPR (General Data Protection Regulation), which addresses the collection, processing, and storage of personal data, takes effect 25 May 2018 in the European Union. The UAE is scheduled to enact a VAT (value added tax) beginning in 2018. Globally, new reporting and accounting regulations are announced with regularity.
In this article, we discuss general best practices to help you stay ahead of this regulatory surge. In later articles, we will delve into specific examples of the varying types of regulations and investigate how our customers prepare for and enact compliant business practices.
Identifying the correct action can be simple when the problem is clear. But a typical challenge relating to new regulations is the high level of ambiguity surrounding the requirements and steps for compliance. We begin hearing partial details far in advance of enactment. And when the final documents are officially released, they are often long, full of complex terminology, and open to some degree of interpretation.
Uncertainty, however, cannot be a cause for inaction. The risk is too high. For example, fines for organizations in breach of GDPR can be the greater of up to 4% of annual global turnover or €20 Million.
But action has a cost, too – the time invested by your team; experts enlisted to advise; changes, additions, or even replacement of key software systems. It all adds up.
So how should an organization proceed in the face of this uncertainty?
Here are five tips for keeping up with – and maybe even getting ahead of – the surge of regulations headed for your organization:
The need to deal with changing regulations and laws is fait accompli for businesses worldwide – and will remain so as long as human civilization continues to exist. While new regulations and laws bring with them challenges and costs, organizations who respond effectively will position themselves for success when the implementation deadline finally arrives.
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