Yesterday Bloomberg Law released an important new feature in the Bloomberg Law: Privacy & Data Security product called the Complaince Risk Benchmarks tool. The tool ranks the “burden” and compliance risks in 47 countries. South Korea tops the list of data breach notification compliance risk earning a score of 87 out of 100.
Bloomberg Law also released a related report, “Anticipating the Burden ofRisk,” which provides an overview of the international regulatory environment and the risk landscape surrounding breach notification compliance. The report features an analysis of the countries with the highest compliance risk for breach notification, with write-ups on the top five countries, which include South Korea, Colombia, Mexico, France, and Japan.
What is the Compliance Risk Benchmark?
The tool is designed to assist outside and inside counsel , and compliance professionals in assessing data compliance risk around the world. To accomplish this they have created a risk score based on 8 risk factors analyzed using a proprietary algorithm. Compliance Risk Benchmarks compares the burdens and risks related to ten topics impacting global businesses including data security, data transfer, online privacy, and employee monitoring and surveillance.
|Bloomberg Law's Risk Benchmark|
The new tool and data provide a relative risk score for each country based on measures including
- enforcement level
- potential monetary penalties
- litigation exposure.
The Compliance Risk
Compliance Risk Benchmarks incorporates expert analysis from data protection professionals in each country as well as news and relevant laws and regulations from 55 countries with its robust data visualization feature Users can also go from viewing multiple countries to a snapshot of each country’s risk factors. Comparative charts can be generated to show legal requirements for key issues such as: employee health information, online privacy, personnel records, electronic marketing, data transfer, employee background checks, employee monitoring and surveillance, data security, data collection and processing.
Algorirthms and Visualization
The score is generated by a proprietary BloombergBNA algorithm and offers subscibers a wide range of interactive comparative charts. Upcoming legislation charts displays the status of proposed legislation and regulation across jurisdictions.
Additional features in the platform include the EU GDPR development Timeline which provides access to legislative history, analysis and guidance on the complex EU data privacy laws and regulations.
All Bloomberg Law subscribers now have full access to the benchmarking tool. Bloomberg Law: Privacy & Data Security us also available as a stand alone product. Additional information regarding the product and contact information is available in the press release.