On Compliance – GDPR podcast for accountants

AccountingWEB is kickstarting the new On Compliance series with a special GDPR podcast for accountants, where they ask how prepared accountants are for the new regulation and what firms should do to begin their preparations.

Thomson Reuters’ GDPR expert Ian Cooper joins Matt Portt, accountant and owner of Portt & Co., Jez John, managing director from Webstars and AccountingWEB’s editor Tom Herbert to discuss how accountants should tackle the new regulation.

Listen in to the 20-minute podcast for an informative overview of the new GDPR regulation and its impact upon UK accountants. Each panellist offers a different angle on the requirements and opportunities the new regulation will bring.

See below questions that are answered during the podcast:

• What is GDPR?
• Why do accountants need to pay attention to it?
• What are the implications of GDPR?
• How prepared are practices for the new regulation?
• In what ways are accountants changing their processes?
• How are accountancy practices gaining consent?
• How can accountants turn GDPR into an opportunity?

Insight from the expert panelists

‘We’ve minimised the number of places our data is stored and made sure any time we store or communicate any sensitve data that it’s encrypted’ Matt Portt, Portt & Co.

‘[GDPR] needs an open dialogue… as a data controller, we actually have liability for the first time in a lot of what we do.’ Jez John, Webstar

Ian Cooper, Thomson Reuters’ non-tax product manager offers some significant information and statistics about the industry’s level of readiness so far:

‘Accountants are trusted advisors to the business community; they have some of the most sensitive data personal data in the UK so it’s essential to have the right procedures in place.’

‘Just under 30% of accountancy practices are half-way there in their preparations for GDPR.’

‘Understand where your data is and what it is; categorise it and look at ways of securing this data.’

‘70% [of accountants] are actively starting to act upon GDPR.’

Watch out for the monthly podcasts throughout 2018 where panellists will discuss the various compliance challenges facing UK accountants. To receive the monthly podcast into your inbox, subscribe here.

If you would like more information on how the regulation impacts the industry, download the AccountingWEB & Thomson Reuters free GDPR toolkit for accountants. The toolkit contains a helpful guide on how GDPR will affect you and your clients, a practical checklist of actions you could take now to prepare and a comprehensive FAQ’s sheet on the topic.

You can also read Ian Cooper‘s blog 10 key facts every accountant should know about GDPR and add him on Twitter and LinkedIN.

The information and opinions contained in this blog are not intended to be a comprehensive study or to constitute specific legal advice, and should not be relied on or treated as a substitute for specific advice concerning individual situations. Always consult a suitably qualified lawyer on any specific problem or matter.