This article originally appeared in The Fintech Times.
Concord, the fastest-growing contract management lifecycle platform, announces the company’s externally audited implementation of General Data Protection Regulation (GDPR) compliance.
Concord is the only contract management platform that is completely digital, encompasses the entire contracting process end-to-end, and has achieved its own GDPR compliance. This makes it more effective than alternative contract management systems in helping organizations establish and maintain their own GDPR compliance throughout their contract lifecycles.
Organisations that manage contracts via manual and offline processes face greater potential risk of non-compliance than those that have embraced digital transformation. Said Matt Lhoumeau, Concord CEO and Co-Founder, “Compliance is becoming more complex as supply chains, partners and staff become global; and while GDPR is just one example of compliance, it has been a wake-up call to a lot of companies. When a CEO asks if, how and where they are exposed to compliance risk, the response will likely always include an organization’s offline and manual processes. The digital transformation of an organization’s manual and offline processes, such as Concord provides for contract lifecycle management, offers one of the most powerful opportunities to avoid compliance exposure.”
Concord helps organizations achieve flawless compliance in their contract management by allowing them to bake all their internal and external compliance requirements into every aspect of the contracting process. Concord’s cloud-based platform provides a single and completely digital environment for the origination, negotiation, execution, and renewal of all contracts, including all parties, all edits, and all signatures. Concord eliminates the need for email, Word, and third-party e-signature providers, thus removing fragmentation from the contract process and potential compliance gaps and vulnerabilities.
The Concord platform also eliminates the need for paper and manual processes because the entire contract is managed digitally from a single source. Where organizations still have manual or paper-based processes in place, hardcopies, including handwritten notes, can be simply and seamlessly digitized through Concord’s advanced OCR technology, thus creating an entire end-to-end digital process which gives organizations greater insight and management of their GDPR compliance.
With a fully digitized and single source of contract data, Concord provides a complete audit trail of source content, access, and edits. This means, in the case of a GDPR-reportable data breach when an organization must also provide an audit trail of the information that has been breached, they can quickly demonstrate the audit trail, thus reducing exposure to additional non-compliance fines.