The Latest App Built on the Icertis Contract Management Platform Helps Enterprises Comply with New European Information Security Rules
BELLEVUE, WA – November 16, 2017 – Icertis, the leading provider of enterprise contract management in the cloud, today announced the introduction of the ICM GDPR Compliance application, adding to the company’s growing list of business applications built on the Icertis Contract Management (ICM) platform. The new application delivers a comprehensive solution that ensures contracts between data controllers and data processors meet Europe's strict new information security guidelines.
According to IDC Research, more than half of European Union (EU) companies don't know the impact GDPR will have on their organizations, and 20 percent still haven't started preparations ahead of the May, 2018 deadline. The new Icertis app provides the fastest path to bringing existing contracts into GDPR compliance, while ensuring long-term adherence to the new regulation.
"The only way for enterprises to stay on top of the changing global regulatory landscape is by digitally transforming their contracting foundation," said Samir Bodas, CEO and Co-founder of Icertis. "GDPR is one of the most far-reaching regulatory changes related to data security in recent times. The ICM platform and ICM GDPR Compliance app help ensure all contracts in an enterprise are GDPR compliant today, and into the future."
The new app enables GDPR compliance for all enterprise contracts at every stage of the contract lifecycle:
- For legacy contracts, the app uses AI-enabled smart search to automatically identify contracts that are not GDPR compliant. Once these contracts are identified, the app creates the appropriate Data Protection Addendums (DPAs) and routes them for approval and execution.
- As new contracts are drafted, the app assesses if they fall under GDPR regulations, and inserts appropriate European Commission-approved data privacy terms and clauses based on predefined rules.
- Post execution, the app monitors contractual commitments and tracks data processor obligations to ensure the highest level of compliance, enabling data controllers and processors to demonstrate the strength and efficacy of their approach.
- The app provides the Data Protection Officer (DPO) with required visibility into GDPR compliance via a DPO Dashboard that monitors non-compliant contracts and data processors across geographies and contract types.
- The app's collaboration portal allows data processors to manage their ongoing obligations and work with data controllers on all contracts and addendums.
- Finally, throughout the lifecycle, the ICM platform stores all agreements on a highly secure and GDPR-compliant cloud infrastructure encrypting all data at rest and in-transit, with a permission-based management approach.
To learn more about the ICM platform and new ICM GDPR Compliance app, visit https://www.icertis.com/GDPR.
Icertis, the leading provider of enterprise contract management in the cloud, solves the hardest contract management problems on the easiest to use platform. Icertis helps enterprises transform their commercial foundation ensuring compliance, improving governance, mitigating risk and enhancing user productivity, thereby improving the bottom line. The Icertis Contract Management (ICM) platform is used by 1+ million users at enterprises like 3M, Abbvie, Cognizant, Daimler, and Microsoft, to manage 3.5+ million contracts in 40+ languages across 90+ countries. For more information, visit www.icertis.com.
Icertis Media Contact:
Barokas Public Relations for Icertis