Binding Corporate Rules (BCRs) are internal rules adopted by multinational companies to allow the transfer of personal data across borders within the organization, in compliance with European Union data protection laws. They serve as a legally binding framework ensuring that all group entities adhere to the same data protection standards, thus facilitating international data flows while safeguarding individuals' privacy rights.
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled, balancing the interests of a company's many stakeholders. It encompasses the mechanisms that ensure accountability, fairness, and transparency in a company's relationship with its stakeholders, including shareholders, management, customers, suppliers, financiers, government, and the community.
Privacy compliance refers to the adherence to laws and regulations designed to protect personal information from unauthorized access, use, and disclosure. It is crucial for organizations to implement effective privacy policies and practices to avoid legal penalties and maintain consumer trust.