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Consumer-centric privacy practices increase trust

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Woman with coffee cup Organizations that rely on consumer data  —  paramount in today’s business world  —  are increasingly challenged to personalize interactions with consumers while balancing customers’ privacy interests. This concern has led organizations to reassess their data practices to ensure they are good stewards of consumer data.

At the same time, privacy laws have expanded consumers’ control around sharing and selling of their data to third parties, consenting to marketing activities and consenting to certain types of processing. When the intake and management of consumers’ consent lacks central coordination, automation and proactive thinking, frustration for both consumers and organizations can ensue.

Organizations can bridge these gaps by embracing privacy while creating a positive consumer experience. This means giving consumers more control over their data and enhancing consumer-managed communication preferences, including consent. These moves are a key to unlocking a streamlined consumer experience with embedded transparency and choice.

The privacy-enabled consumer-centric maturity model demonstrates the evolution from a check-the-box, project-based compliance approach to managing privacy through a transformational, consumer-driven program where privacy is part of the brand strategy to increase consumer trust and also profitability. The intent is to move privacy from a back-office compliance function to a front-office consumer experience. Organizations can take discrete steps to meet the objective of a mature privacy program while making consumer interests and consideration of their privacy rights core parts of the business strategy.

Click here to download our paper and learn more about our consumer-centric approach.

Contacts:

Jonathan EatonDerek Han
Principal
Cyber Risk Leader, Grant Thornton
T +1 312 602 8940

Robert SheaChris Smith
Principal
Strategy and Transformation
T +1 425 214 9820