Data is undoubtedly one of a company’s most valuable assets. In an era marked by relentless cyberattacks and security events, safeguarding this critical resource is paramount for the board and poses significant challenges for directors. To help ensure the company's long-term success, it is essential to not only adhere to regulatory requirements but also to foster a culture of innovation and build unwavering trust in data protection policies. Below we share questions that every board should consider regarding their company's privacy and data protection policies, procedures, and strategies.
Balancing Innovation and Compliance
- How can we cultivate a culture of innovation that helps ensure compliance with data protection standards?
- What initiatives we can implement to balance innovation with data protection compliance?
- What mechanisms can we establish to stay updated on data-related regulations and integrate these changes into our innovation strategy?
- How can we enhance cross-functional collaboration to support data protection within our innovation strategy?
- How are our investments in research and development significantly impacted not only our innovation efforts but our data protection efforts and ability to comply with evolving regulations?
Perfecting Governance and Frameworks
- Are we effectively utilizing data governance frameworks in our compliance with regulatory obligations?
- How frequently are data security audits performed, have significant issues been identified, and how are they being mitigated?
- How can we ascertain that our procedures and responsibilities support compliance with the established data governance frameworks?
- In what ways do we actively collaborate with industry experts and regulatory bodies to stay informed of new data and privacy regulations?
Building and Maintaining Trust
- What strategies do we employ to cultivate and sustain customer trust in our data protection practices?
- How do we evaluate the long-term impact of new initiatives on our data management and protection strategy and business goals, and what is our communication strategy for transparency?
- By what methods do we measure customer trust in our data protection efforts, and what indicators are we monitoring over time?
Planning for Long-Term Business Success
- What are the primary indicators that define long-term business success in the context of data protection?
- In what ways do we assess the influence of new initiatives on long-term business goals and data strategy?
- What strategies have we implemented to enable sustainable growth and progress in data protection for the future?
If you’re exploring ways to improve your program, consider working with a third-party advisor. BDO's Privacy & Data Protection team can help companies enhance their data privacy programs. Our integrated suite of solutions can help you address every element of privacy, data governance , analytics, crisis management, insurance response, cybersecurity, and risk management, thereby applying a holistic and systemic approach to strengthening compliance.
The BDO Center for Corporate Governance endeavors to support directors in engaging in effective governance by providing insights, learning, and networking opportunities in collaboration with BDO subject matter specialists and advisors designed specifically for boards of directors.