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Taming the Data Privacy Chaos in Contract Management

How contract management practitioners can remain in compliance with rapid changes in data privacy regulations.

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Data privacy regulations are evolving constantly and rapidly. Enterprises and their legal teams spend millions of dollars and countless hours trying to manage compliance. This convoluted process is further complicated by the continuous stream of new rulings emanating from states including California, Virginia, Colorado and others, as well as far greater focus on data privacy from U.S. and international regulatory bodies. This has resulted in fines being imposed more frequently, and in historically high amounts. For example, in Q1 of 2021 alone the EU’s General Data Protection Regulation issued fines totaling nearly €1 billion — 20 times greater than the totals for Q1 and Q2 2021 combined.

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