RiskBusiness launches GDPR Equivalency Checker for Schrems II

RiskBusiness Services has announced the availability of a GDPR Equivalency Checker feature as an integral component of its Graci governance, risk, audit and compliance solution.
The new feature is targeted at companies that need to comply with the Schrems II personal data privacy shield legislation that comes into effect on 27th September.

The new GDPR Equivalency Checker facility within Graci automates the compliance assessment process, providing a straightforward method to determine whether equivalency or adequacy exists for a specific jurisdiction, then to manage comprehensive and detailed checks of required measures for those jurisdictions not deemed equivalent or adequate, resulting in a list of required measures to be implemented to ensure compliance. Each check performed is recorded in a timestamped audit trail to ensure visibility into the outcome of individual measures.

Mike Finlay, RiskBusiness’ CEO, said: “The cost of compliance continues to grow, with increasing compliance obligations requiring attention from not just the compliance function, but also from legal, data privacy, risk and information technology groups as well.” He adds “Schrems II creates two distinctly different compliance obligations. Firstly, the need to ensure adequacy or equivalency and to take proactive action where additional safeguards are required, and secondly, maintaining an ongoing audit trail that appropriate checks were completed in advance of transferring EU citizens data. The GDPR Equivalency Checker supports both in a fully automated manner.”

Schrems II is the monicker for a July 2020 ruling by the Court of Justice of the European Union related to the EU-US Data Privacy Shield Program, which presently allows companies to transfer data between the US and EU countries. More on that in the July-August issue of CIR Magazine.

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