The last decade has seen a nearly constant level of change in compliance requirements for US-based organizations. Spurred by corporate scandals and a steep rise in data breaches, regulators have been stepping up data privacy requirements. Organizations that step up to meet the often competing standards at the state, sector, and global level are helping to restore consumer trust and uncover new opportunities.
Major regulations such as the General Data Protection Regulation (GDPR) and the new California Consumer Privacy Act (CCPA), as well as industry-level protections such as the Health Insurance Portability and Accounting Act (HIPAA), carry heavy penalties for non-compliance. We have seen with GDPR that most enforcement action has been related to failures of data governance (data transparency and consent), including a $23.8 million fine against Marriott.1 Regulatory change did not slow down in 2020, despite a global pandemic and a federal election. As we embark upon 2021, we expect to see a continued focus on data privacy, with new regulations coming into force or on the horizon and steep penalties for non-compliance.
This is setting the stage for a renewed focus on contracts, both with consumers in the form of privacy policies as well as with third parties. In this guide, we’ll walk you through the changes taking place in 2021 and the changes you need to make to your contract processes in order to remain compliant. We’ll demonstrate how contract lifecycle management (CLM) supported by artificial intelligence (AI) can help in your ongoing efforts to manage risk and inform business decisions.
In this guide, we’ll walk you through the changes taking place in 2021 and the changes you need to make to your contract processes in order to remain compliant. We’ll demonstrate how contract lifecycle management (CLM) supported by artificial intelligence (AI) can help in your ongoing efforts to manage risk and inform business decisions.
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