The converging priorities among Legal, Privacy, Compliance, Security, and IT teams within global enterprises has created a new reality for Chief Legal Officers and General Counsel everywhere: Evolving regulations and laws mean that Legal departments now have greater influence over processes and technologies that can help mitigate increasing cybersecurity, privacy and compliance risks. Those risks can mostly be boiled down to how an organisation manages their data. Therefore, in addition to overseeing the legal operations of the organisation, the CLO today must also play a central role in ensuring the company’s compliance, privacy and data governance capabilities meet all regulatory obligations. The CLO must understand other enterprise risks facing the company, implement appropriate processes to prevent them from occurring, and quickly and efficiently address these risks should they occur. Business challenges—such as complying with privacy laws or implementing robust data minimisation policies and procedures—now span organisational units.
Those challenges break down primarily into three major threats:
- New data privacy laws that grant consumers new rights over their personal data
- Data breaches and the resulting fines and reputational risk involved
- Ensuring preservation of relevant data for criminal or civil litigation
To comply with the three major, data-driven threats outlined above, the basis of a Legal GRC platform begins with knowing the corporate data governance strategy by which all sensitive and other business critical information is (or should be) handled. It’s often a simpler question to answer than to showcase in practice. To fully understand your organisational data, seek answers to the following questions, each of which is essential to hygienic information governance and regulatory compliance:
- Where does your data live?
- Who owns it?
- Which regulations govern it?
- Which third parties have access to it—and how do they use it?
- How much data do you really have?
Click here for Exterro's Legal GRC Guide
Webinar: Leveraging Technology to Help Solve your Legal Governance, Risk and Compliance Challenges
ACC Australia has joined forces with Exterro to explore how new technologies can help solve your Legal GRC challenges and how you can thrive in today’s rapidly changing data-focused environment.
In this webinar, industry experts will discuss:
- Similarities and differences between data protection in Australia, Europe and the U.S.
- Why an actionable data inventory is the key to success in achieving any Legal GRC objective
- How to implement defensible data minimisation strategies across your organisation to significantly reduce your risk and costs
- Untangling third-party data privacy and cybersecurity risks
All registrants will receive a link to the recording and additional resources.