In May 2018, the rules and regulations regarding the way in which data is stored, shared and moved will change dramatically, and this will have a significant impact on the working practices of the executive search professional, whether working for a search firm or in-house. With so much information out there on GDPR, here's a summary of the new legislation and what it will mean for executive search. You can also join us for a free webinar on 1st March for more information on GDPR and how to ensure compliance with the new regulations.
An overview of GDPR
GDPR or General Data Protection Regulation will come into force in the UK by May 2018 and will safeguard European Union citizens with respect to their data privacy rights. The legislation will impact all organisations that are either based in, or do business in, the EU. In essence, the legislation will give individuals greater rights and control over their data by way of consent as well as the power to access, rectify or erase information held and the right to be informed.
What do the changes mean for executive search?
There is no doubt, the changes to GDPR will have a significant impact on the executive search profession. Any firm that operates in the EU, has clients that operate in the EU, or that processes data on EU citizens are subject to these changes in legislation, regardless of where information is stored, whether it is held in emails, a database or in spreadsheets. The rules will have a similar impact on technology suppliers to the industry, with those who act as a data controller or data processor also bound by and required to comply with the changes to GDPR. Executive search firms and in-house teams will have to show that their systems and technology are compliant.
With severe non-compliance penalties of EUR20 million or 4% of worldwide turnover, GDPR will make organisations more accountable for their approach to data and the changes must be given appropriate consideration.
Partnering with the right technology provider
At Invenias, we are committed to working in partnership with our customers to ensure a streamlined journey to compliance. Our customers benefit from data protection being at the heart of the design, build and operation of our technologies. Whilst the changes do not come into effect for over a year, investing time in understanding and planning for the legalisation now will ensure that any required changes can be carefully considered and that GDPR will cause minimal disruption to your organisation.
For a more detailed overview of new regulations, visit www.ico.org.uk.
Data protection is at the heart of the design, build and operation of our technologies. Join us for a free webinar on 1st March at 2pm to for an overview of the changes to GDPR and how you can ensure you are compliant with the new regulations.