It's been two years since the General Data Protection Act (GDPR) was introduced, but organisations still see accountability as a strain on the business. In this Martech Advisor article, Solidatus co-founder Philip Dutton discusses ways to turn compliance into an operational advantage.
In light of the Covid-19 pandemic, regulators have, unsurprisingly, followed the lead of their central bank cousins. One consequence is that transformational regulation, like MAS 610 and 1003, has been delayed. This wise course of action affords banks the chance to ensure they have every opportunity to comply and avoid the consequences of not doing so.
After working for the leasing division of Barclays for 11 years, it was very strange to move from an established process of working, to join the ‘dark side’; a start-up software company selling trading software back to Banks. It was an exciting time, as financial services organisations were going through dramatic change and adopting new technology and practises.
BCBS 239 is summed up by the Basel Committee on Banking Supervision as: “the right information needs to be presented to the right people at the right time”. In the global financial crisis of 2007/8 (remember that one?), regulators found some “globally systemically important” banks did not have a firm grip on their risk reporting and could not react quickly enough.
On the 28th May 2018, the General Data Protection Regulation (GDPR) changed the data privacy landscape forever. What most organisations failed to grasp when the regulation came into force, was that GDPR should not have been viewed as a burden or to have been treated as a tick-box exercise.