In particular, they were concerned about being fined for non-compliance, or losing market share if they were subjected to sanctions requiring them to temporarily cease operations. They also recognized that if they were found not to be compliant, other compliant companies would not do business with them.
How Mazars helped:
Based on Mazars’ previous IT-related consulting and audit work, the company requested our help with developing a more efficient and effective Privacy Impact Assessment (PIA) program.
Working with the company’s Legal department, in less than three weeks Mazars was able to develop a GDPR compliant PIA program that enabled the company to perform PIAs in one week – an 85% reduction in time, using less than 40 work hours
The reduced work hours led to 80% reduced costs for the function and, with the new system in place, the company has been able to avoid fines, while maintaining high levels of confidence from their customers and the regulators.
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The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.