GDPR isn’t the only regulation organizations need to comply with.
From the Health Insurance Portability and Accountability Act (HIPAA) in healthcare to the Basel Committee on Banking Supervision (BCBS) in financial services, regulatory compliance is part of running — and staying in business.
The truth is that every business will be pulled into the GDPR or other regulatory sphere to some degree sooner or later. Even if GDPR does not become an official worldwide data privacy standard, it will become a de facto one, providing a strong set of guidelines for other governmental regulations to align with in some way.
Knowing what data you have and where it’s stored is the first step in establishing and sustaining a solid compliance program. Additionally, it’s important to understand where data comes from (data lineage) and how it has been integrated and/or transformed within your systems.
So how do you ensure your organization is ready for whatever regulations come your way?
Data management and data governance, together, play a vital role in compliance because data is easier to protect when you know what it is, where it’s stored, and how it needs to be governed.