Data Privacy and Risk Management, Collaboration is Key on Tackling Privacy Risks/Issues

Abstract

Data Privacy is relevant for majority of the firms conducting businesses in the international market today. Better privacy safeguards and implementations are one of the key contributors in driving business output, companies are reporting direct and indirect benefits as a result of privacy project related investments. To be compliant with the Privacy regulation landscape globally is the need of the hour, there have been significant business impacts in terms of both financial and reputational, as a result of noncompliance to privacy regulations. To manage these risks, it is imperative for the Privacy assessment teams, Legal teams and Risk management teams to work together and tackle these challenges. This paper firstly aims at giving a perspective on global risk landscape and how the privacy regulations are gaining more traction every passing day, bringing in more states and countries into the fold. This article also narrates the approach or solution explaining how Risk management teams can partner with the relevant stakeholders in legal and privacy teams and guide the data privacy risks across firms, across business sectors. Through the risk management lifecycle thus remediating these risks, helping businesses prosper and at the same time safeguard individual interests.