With a seemingly never-ending list of household names announcing store closures, it may not come as a huge surprise to learn that we are losing high street businesses at an unprecedented rate. Latest research by Red Flag Alert shows that over 180,000 limited companies operating in the retail sector ceased trading in the years between 2010 and 2017.
The new GDPR regulations have been coming for a long time but, predictably, businesses have faced a difficult few weeks as the deadline drew nearer. Many were ill-prepared and ill-informed regarding how to ensure they were compliant. GDPR is primarily concerned with privacy so businesses need to have policies and procedures in place that ensure the security of the data they hold.
Key clients collapsing is one of the most common ways for businesses to become insolvent. In some industries putting up considerable amounts of money before getting paid is standard, and in most industries there is some degree of investment before getting paid. Creating sensible credit limits for clients is essential for every business.
Consumers are being given never before seen digital rights. They must also consent to the use of their data and request access to the data held on them. The fines for non-compliance are considerable (up to 4% of turnover or €20 million). These steps will set you on the right track towards ensuring compliance.
The General Data Protection Regulation (GDPR) is going to put individuals in charge of their data and give them power to decide when companies can use their data. In this blog we look at this in more detail here (link to - How can companies prepare efficiently for GDPR).
If a business interacts with ‘gig economy’ platforms like Uber, Handy or Airbnb they open up a number of compliance risks. These risks are manageable but you need to be aware of their many forms; here is a quick guide so you can start to assess the risk profile of your business.
Serious concerns have been raised that a regulatory loophole could be enabling international money launderers to register their businesses with Companies House in the UK as part of their criminal activities.
Big Data has the potential to revolutionise how financial institutions conduct their KYC (‘Know Your Client’) due diligence. Internal data collation is not serving most companies, data sets are incomplete and large decentralised systems used by organisations mean that information on a customer can be spread across multiple internal systems.