Approximately 570 million procurement contracts in the UK remain non-compliant to new General Data Protection Regulations (GDPR), resulting in a potential £300 billion worth of fines.
That’s according to Cheshire-based procurement advisory firm, Odesma, which has today warned that, unless organisations act quickly, they will not meet the new requirements ahead of the May 25th deadline.
Up to one million procurement and supply chain businesses in the UK are currently falling foul of the new guidelines.
Nick Ford, Executive Director of Odesma, commented: “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.
“GDPR is a complex and serious legal concern that should be considered at boardroom level.”
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.