About 570 million procurement contracts do not comply with new General Data Protection Regulations (GDPR), risking fines of up to £300 billion, according to procurement advisory firm Odesma.
It warned that organisations need to move quickly to meet the new requirements ahead of the May 25th deadline.
The GDPR is a regulation intended to strengthen and unify data protection for all individuals within the European Union. For procurement, the regulation will affect every contract that is still live and has an element of data that needs protection, for example data identifying an individual or company.
Executive director Nick Ford said: “Though many businesses have begun the journey to compliance, GDPR presents a challenge to procurement, with a number of external supplier interactions needed and the whole transactional process to navigate – all of which need to be managed and controlled in a tightly structured manner.”
“We developed The Contracts Factory to ease that legal burden and remove the pressure from already stretched procurement and supply chain teams.”