Axiom, a provider of technology-enabled legal and contracting solutions, has launched a new regulatory compliance solution to help companies prepare for the General Data Protection Regulation (GDPR).
Its new solution claims to help companies confront the task of analysing contracts before the GDPR deadline in May 2018.
The new contracts compliance solution combines deep data privacy expertise with artificial intelligence technology to analyse contracts. includes an integrated/auditable workflow management system and scalable legal resourcing.
Axiom estimates that global firms still have millions of contracts that need to be identified and remediated by May 2018, at a cost of over £800m.
In discussions with more than 100 companies from the Fortune 500 and FTSE 100, Axiom claims that ‘vast majority’ of companies had not yet begun to calculate the scope of their potential contract remediation work. It also claims that less than 5% knew how many contracts would need to be addressed in order to comply with the regulation.
GDPR intends to strengthen and unify data protection for all citizens of the European Union. It aims to organise how businesses collect, store, secure and share EU-based customers data.
Mathew Keshav Lewis, co-head of Axiom’s Global Banking and Regulatory Practice, said “In tackling GDPR, the focus of most companies to date has been on large-scale technology issues and adapting systems to meet the new requirements.
“With just six months until the deadline, clients need to turn their attention to the millions of contracts between controllers and processors – they need to be found, understood and in many cases, renegotiated. There is a material compliance risk and huge fines for companies that don’t meet the deadline. The sheer volume of work means clients need smarter ways to reduce the cost and complexity of compliance.”
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