Over the next several months, every corporation that processes data in the offering of goods or services to individuals in the EU will face the daunting task of evaluating large and diverse populations of contracts to ensure compliance with the pending General Data Protection Regulation (GDPR). Companies large and small spanning a wide variety of industries will have to identify, memorialize, negotiate and remediate tens of thousands of customer contracts and third-party vendor contracts that have data processing implications to ensure GDPR compliance by the May 2018 enforcement date or face heavy fines.
When I was a kid, my dad used to tell me (true) stories about growing up in a house without plumbing or electricity. I’m afraid I don’t have a lot of those tales to tell my kids (maybe, “I didn’t get my first video game until I was 10”), but if they cared to listen, and they do not, I do have a few “in my day” stories to tell about when I was a young lawyer going to vaults and warehouses to conduct deal diligence. Back in the ‘90s, diligence meant “boxes of documents.” If you wanted to find a contract, you looked in the file folder.
Earlier today we announced the release of our Vendor Contracts Compliance (VCC) analytics package. The VCC package takes the otherwise intensely manual process of reviewing supplier contracts for compliance purposes and delivers an unprecedented level of automation, sophistication and transparency. For anyone running a regulated business, or anyone who delivers services to a regulated business, this is big news. Here’s why.
We all have dirty little secrets. And the one I’m going to share is actually not a secret. I’d say it’s just often overlooked. For the past 15 years I’ve been living …
I had a colleague once who loved idioms. When he would do something that ended well, he would observe, “Even a blind squirrel finds a nut once in a while.” When he thought something was bad he would point out, “You can’t put lipstick on a pig.” He had one for every occasion. As a matter of fact, he had so many and he used them so often that ultimately I put a stake in the ground and set a goal of living an “idiom free” existence. We all need goals, no matter how petty… or impossible.