The research carried out recruitment specialists, Reed Accountancy and Finance, surveyed more than 1,000 finance professionals, and found that although almost half (48%) of those asked saw their workload increase as a direct result of the new regulations. Only a quarter (26%) said additional staff members had been hired to help cope with the larger workload.
Finance professionals time was further squeezed by 61 per cent stating that their organisation had not invested in any specialist technology to help manage with GDPR. Despite this, professionals are confident of compliance with 80 per cent of respondents saying their company has changed enough to fully comply with GDPR and 83 per cent feeling they know enough about the regulation.
Rob Russell, director of Reed Finance, comments: “Although the changes that were made to GDPR last year sent a shockwave of anxiety throughout the finance industry, it’s clear from our latest #BigQuestion research that the majority of organisations believe they’re successfully complying with the new regulations. However, it has come at the cost, with employees experiencing an increase in their workloads, combined with a lack of support through investment in new technology. This increased pressure may well lead to errors being made elsewhere in the business, or alternatively, valued employees who understand GDPR or have talent in other areas leaving the company.
“Data is now an invaluable asset to businesses, and one which they must prioritise. By making the investment, firms can avoid these potential issues and save themselves money in the long term by avoiding fines and costly mistakes. A starting point would be to ensure the responsibility of compliance is the responsibility of everyone through with relevant training and efficient processes. Businesses will only continue to generate and receive more data, and workloads will continue to increase. While the majority are confident about their GDPR knowledge, there are still 17 per cent that don’t feel they know enough about GDPR. This adds stress to the job and highlights the room for improvement that can be made to ease these pressures. If not, businesses may pay the price later down the line.”
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