Compliance Risk Assessments

The key to privacy protection is to determine whether a particular process or activity is a high risk. A data privacy risk assessment should be conducted on an annual basis. This ensures not only compliance but that the rights of individuals are not infringed upon. Several risks can affect an organization’s compliance with data protection laws. These include commercial and legal factors. Failure to meet customer expectations can lead to reputational risks. In addition, a failure to adhere to the law can result in fines. The risk of a data breach can be significant. It can result in a financial penalty, as well as damage to an organization’s reputation. However, a successful data protection strategy can help minimize the damage that occurs from a breach. For example, you can prevent data loss by ensuring that sensitive data is only accessible to approved parties. A third-party data privacy assessment is one way to determine whether a particular processing operation is a high risk. This is a crucial aspect of the regulation, as it helps to establish whether the processing will harm the individuals involved.