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What should research firms do to comply with GDPR?

Following are a few key questions on the implications of GDPR for business and financial research firms, that I am trying to get answers to. I would greatly appreciate if someone could share their knowledge on this regulation. 

 

In case you want to share some sources, please only share those sources that are succinct and highly relevant.

 

  1. How does the new GDPR regulation impact research firms in terms of their operations (project delivery) and business development?
  2. What would it take to provide comfort to our existing/ prospective clients?
  3. What steps does a research firm need to take to ensure compliance?
  4. Is it possible for relatively smaller business with budgetary constraints, to implement the compliance steps internally without external/ third party support?
  5. What is the timeline for compliance?

 

I look forward to getting inputs from all participants in this community. 

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