Demonstrating good corporate governance puts an organisation in a position of strength when managing reputation, stakeholder relationships, winning new business, maintaining customers and having mutually beneficial supplier relationships. Accountability provides the opportunity to bolster trust through robust and transparent data protection activities.GDPR will fill the gaps on UK data protection within corporate governance. At present the “Combined Code” does not address data protection specifically but it does assign Directors the responsibility for risk management, therefore those not upholding their responsibilities, or those that have breached their duty of skill, care and diligence can be held responsible for damages where the company or its shareholders suffer loss due to a data breach.
GDPR provides Directors with extensive legal responsibilities for risk management, effective data management and governance requirements. The risks and associated costs for non-compliance must be addressed at board level with GDPR featuring within Corporate Governance reviews. Board members must demonstrate accountability, compliance and transparency, and be seen to be supporting the sharing of information, decision making and risk management that comes with good governance.
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