Compliance with the data privacy and security mandate enables organisations to become more agile in their product and service development and rollouts, and more efficient and effective in their ability to respond to market trends and competitive threats.
Yes this is exactly right - everything has to turn onto it's head and be data centric not application centric. I think we need to concentrate on:
WHERE is the data created
WHERE is it also stored (so where is it interfaced to)
HOW it is updated
WHAT changes when it is updated
HOW do you delete the data in ALL systems?
I would suggest you do something like a data flow diagram so you can document all of this for every piece of data.
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