BFC March 2018

Business Finance Club March 2018 – “GDPR two months & accounting”

The March 2018 Business Finance Club event was held at The Green House Hotel in Bournemouth on 15th March. If you weren’t able to make it to the session here’s what you missed!

The General Data Protection Regulation (GDPR) will become law in the UK on 25th May 2018 so at this month’s event & back by popular demand, Mark Gracey, from Flavourfy, shared with us what we already knew about the GDPR and what we needed to do in the last two months to prepare our businesses. The Information Commissioner’s Office (ICO) has described the GDPR as an evolution rather than a revolution, but it’s a large undertaking for any sized business: it doesn’t matter how big or small your business is, if you process personal data, it applies.

Key learnings from the day

The key areas that most businesses will need to review for GDPR compliance, are likely to be:

  • Data retention policies – avoid keeping data longer than it’s lawful for you to do so
  • Understand how you’re processing your data and make sure you have carried out due diligence on any third-party processors
  • Understand your customer, employee and suppliers’ rights including subject access, right to be informed, etc.
  • Ensuring that all processing is done securely

You have the right consent mechanism for your marketing, bearing in mind the requirements of the Privacy and Electronic Communications Regulations (PECR) as much as GDPR; you’ll also need to consider what you’re doing with existing data where consent is the lawful basis for processing.

For most businesses, the key is to understand the basics, and assess what needs to be done to meet compliance. You can do this by:

  1. Accessing the ICO’s GDPR website for an overview of the GDPR
  2. Creating a data and process register to understand exactly what data you have and how you process it; you can then review this to understand what aspects of your data processing may change
  3. Putting in place processes and policies for your business that meet the data protection requirements and train your staff
  4. Document your approach as much as possible to demonstrate you have taken your data protection obligations seriously
  5. Keep up your compliance past May and keep up to date with any changes and the latest guidance (either via the ICO’s website or by using a service like my Digital Compliance Hub

About our speaker

Flavourfy Digital is an independent digital strategy consultancy owned and run by Mark Gracey. Set up in 2014, Flavourfy Digital specialises in helping businesses with their online and data compliance and use of internet technologies. This includes working with businesses on their readiness for the General Data Protection Regulation, compliance with privacy regulations and their approach to digital security and use of the web and social media.

Mark has a Computer Science Degree (BSc Hons) and a Masters Degree (LLM) in Computer and Communications Law and has worked at businesses like Demon Internet, THUS plc, Cable & Wireless and Vodafone. Mark’s 20+ years of experience working in the internet industry gives Mark and Flavourfy a unique ability to offer a diverse range of services from digital marketing consultancy and website design to data protection and privacy compliance – everything your business needs to succeed online.

Register your interest for the next Business Finance Club event

At the next Business Finance Club on 15th May 2018, Liam Wyatt, from Lansdowne Woodward Ltd, will be our guest speaker you will break down the types of insurance available into layman’s terms. He will help you to decide whether you are comfortable to retain the risk yourself or transfer it to an insurer. Liam says ‘insurance is a risk transfer mechanism, outside of Employers Liability most companies do not HAVE to hold any other insurances.’

I look forward in seeing you at the next event, to secure your place please register your interest here for ‘Insurance demystified; What cover do I have vs what cover should I have’