RegTech Insight Knowledge Hub
In a nutshell: GDPR gives control of personal information back to its individual owners: requiring businesses to capture, control and protect data under strict new guidelines that impose hefty fines for non-compliance.
Read on in our Knowledge Hub ‘Everything you need to know’ section to understand the full details of what GDPR is all about, who it impacts, the key requirements, the technical and data challenges it presents, and the outlook.
You can also take a look at all the latest content we have related to GDPR. And you can see a listing of key vendors delivering solutions to this regulatory challenge.
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Everything you need to know about: GDPR
What is GDPR?
The General Data Protection Regulation (GDPR) is an EU ruling that replaces the previous EU Data Protection Directive 95/46/EC of 1995. It aims to harmonise data privacy across the region, improve data protection for EU residents, and ensure data security. It gives individuals ownership of their own personal data and the right to find out what personal information is held about them and how it is used, request for it to be rectified or deleted, and restrict processing or movement between organisations.
GDPR provides individuals with:
- The right to be informed
- The right of access
- The right to rectification
- The right to erasure
- The right to restrict processing
- The right to data portability
- The right to object
- The right not to be subject to automated decision-making including profiling
While the 1995 edict took the form of a directive, which places obligations on member states and which their governments are then required to transpose into local law, GDPR is an EU regulation and is directly applicable and enforceable as law in every EU member state. GDPR provides a single set of data protection rules for all EU member states, while still allowing a degree of tailoring within individual jurisdictions.
GDPR was approved by the European Parliament on April 18, 2016, and tool effect in all member states on May 25, 2018. Despite the UK’s planned departure from the EU in 2019, UK businesses within the scope of GDPR will be required to remain compliant if they want to trade within the single market.
The regulation includes 99 articles, of which 64 are general and cover areas such as objectives, scope, definitions, requirements, liabilities and penalties. The remaining 35 articles are actionable and include 15 related to business and requiring actions such as setting policies, seven covering assessment of areas such as infrastructure and deployment, and 13 including technical detail about what data controllers and processors must do to achieve compliance.
Who are the regulators?
The primary regulator is the European Data Protection Supervisor. In addition, the Article 29 Working Party is an advisory body made up of a representative from the data protection authority of each EU member state, the European Data Protection Supervisor and the European Commission.
In the UK, GDPR is regulated by the Information Commissioner’s Office (ICO).
A full list of EU regulators can be found in Appendix 1.
Who needs to know?
While GDPR is an EU regulation, its requirements extend to any business globally that is collecting personal data from EU residents. GDPR applies to every entity that holds personal data derived from activities subject to EU regulation anywhere in the world. Its global scope means firms that control or process data relating to EU and non-EU citizens residing in the EU will be forced to deal with complex regulations governing personal data.
Unlike its predecessor, GDPR extends accountability not only to controllers that determine the purposes, conditions and means of processing personal data, but also to processors that handle personal data on behalf of controllers.
As GDPR applies to every company that sells to, or stores personal information about, EU citizens, it inevitably impacts financial services firms. They need to reconsider how they capture information, build data management systems, govern and protect personal data, and handle potential breaches. The regulation also has a knock-on effect for vendors of technology and data solutions that provide relevant services to financial clients and will need to incorporate GDPR compliance into their solutions.
Firms that do a good job of GDPR and take a proactive approach to compliance should benefit from improved customer communication, strategic data management and a higher level of trust in the market. Breaches of compliance could entail not only reputational damage but fines up to €20 million or 4% of annual group turnover, whichever is the greater.
What are the key requirements?
While financial firms subject to the 1995 directive already have data protection policies and practices in place, the detail of GDPR adds a significant layer of complexity that must be addressed in order to achieve compliance.
Notable challenges presented by GDPR include:
- Understanding the lawful basis for processing personal data
- Gaining consent to process the data
- Building data privacy by design
- Notifying authorities and individuals of data breaches
- Ensuring data portability
- Giving individuals the right to have data deleted, provided there are no legitimate grounds for keeping it.
Key elements to consider include:
Since May 2018, general contractual terms have no longer been sufficient to provide proof of consent from individuals to process personal data. Instead, consent must be unambiguous, freely given, informed and refer explicitly to each processing purpose. Consent for processing sensitive data held by banks and financial institutions must also be explicit. In order to manage data appropriately, companies must consider how customer data is collected, managed and shared with third parties, and develop appropriate consent management policies.
GDPR requires firms to identify personal data, manage it within the scope of the requirements, and ensure ?it is secure and accessible. This presents numerous data management challenges including data centralisation, master data management, data governance and automation. Organisations must be able to prove compliance throughout processes that fall within the scope of the regulation. This requires extensive data lineage to be put in place and data governance policies to be established, documented and enforced across an organisation.
Financial institutions must respond to the regulation’s enhanced rights for individuals to access, transfer and delete data by amending privacy policies and procedures, and the way in which they manage data access requests. GDPR also introduces the concept of data privacy by design, which requires financial institutions to promote privacy and data protection compliance in new system builds.
GDPR requires personal data to be processed in a manner that ensures its security. This includes protection against unauthorised or unlawful processing and against accidental loss, destruction or damage.
To assess security risks, GDPR mandates that controllers carry out data protection impact assessments (DPIAs) when certain types of processing of personal data are likely to present a high risk to the data subject. The regulation also recommends a number of techniques?to prevent security breaches, including encryption, anonymisation and pseudonymisation. Constant monitoring of personal data is required in order to detect anomalies, and any breach must be reported within 72 hours.
What technological challenges does GDPR represent?
GDPR requires a much more rigorous approach to protecting data privacy than its predecessor. At its core is the understanding that while data is an asset, its ownership remains with the EU citizen?and not with the data controller or processor. GDPR’s main articles describe interactions between these stakeholders, and this set of parameters represents a significant challenge for financial institutions in terms of understanding the scope and granularity of what is required. Specific challenges include understanding what personal data is held within the organisation, what business processes affect regulated data, and how data is handled and transported.
Organisations should document all personal data they hold, including data that falls into special categories, and record where the data came from, and any other organisations it is shared with. An information audit across the organisation or within particular businesses may be necessary. GDPR also requires data processing activities to be recorded. For example, if inaccurate personal data is shared with another organisation, the inaccuracy must be communicated to ensure both organisations correct the data.
Current privacy notices should be reviewed and amended in line with GDPR requirements. Personal data collection previously required giving people information such as the organisation’s identity and how it intends to use the information. Under GDPR there are additional requirements, including the need to explain the lawful basis for processing the data, retention periods, and individuals’ rights to complain to supervisory authorities if they think there is a problem with the way their data is being handled.
To achieve best practice GDPR compliance and effectively locate and manage personal data, organisations need to capture the data, make a data inventory and create a central data repository. This will ease the challenge of identifying and sustaining personal data workflows by ensuring disparate data is reconciled, data is maintained, entitlement policies are in place, and access to personal data is available to data subjects. Challenges include legacy systems that may need replacing, data silos, derived data, and scattered and duplicated data within big data environments or collaboration tools.
GDPR introduces a duty on all data controllers and processors to report certain types of data breach to the authorities within 72 hours. To ensure compliance, organisations need robust processes for breach detection and investigation, which can be supported by data lineage and governance, as well as internal reporting procedures. Failing to notify a breach when required to do so can result in significant fines and penalties, making it crucial to have data management processes in place that can support detection, reporting and access to the details of a breach
What solutions can be used?
GDPR is an enterprise-wide regulation where the use of emerging technologies could improve the accuracy and efficiency of compliance, reduce costs, improve data quality and deliver better customer service. Existing in-house systems may need to incorporate vendor solutions to improve or add new data privacy policies, new processes, and/or specific elements of compliance. These solutions need to meet both reporting and compliance requirements by providing a data inventory or catalogue of protected data showing where the data is stored and how it is used. Alerts for possible non-compliance are also an option.
An over-arching GDPR solution could include core capabilities such as:
- A data identification system
- A centralised inventory of personal data
- Data lineage to track and trace all application use of protected personal data
- Workflows around personal data ownership
- Data sharing agreements that dictate how personal data should be shared both internally and externally
Key areas to explore include:
Metadata management tools can be used to identify personal data, categorise the data and assign GDPR attributes to it. The metadata can be loaded into a data governance platform and used to identify data elements relevant to GDPR. Once data processes and data elements are identified and governed, they can be linked and data elements used in particular processes can be mapped.
Solutions include technology tools and techniques that support the identification and capture of personal data wherever it is. For most firms, and particularly those with hundreds or even thousands of servers, the need is to minimise the number of locations holding personal data and use automated tools to analyse and consolidate the data. Master data management (MDM) is also helpful in marshalling data and reconciling it to create a data warehouse containing master data records of personal data. In the context of GDPR, this data can then be used across services and applications that individuals opt into.
Many firms already have data governance and lineage in place, and this can be extended to support the requirements of GDPR using either in-house technology and expertise, or vendor solutions. Some, however, will need to start from scratch, or may decide to refresh their solutions. Typically, vendor solutions are based on platforms that automate data governance and management, and provide trusted data to business users including help desk advisors responding to requests from data subjects about what personal data the organisation holds about them and how it is used.
GDPR includes a best practice recommendation that, where possible, organisations should be able to provide remote access to a secure self-service system that can provide the individual with direct access to his or her information.
Implementing the regulation is a large data management challenge requiring significant budget, IT involvement and human resource including lawyers and subject matter experts. It is also an evolution of data protection that will deliver benefits to both data controllers and data subjects.
Data controllers can look forward to business benefits based on a better understanding of customers, the potential for product innovation and the ability to build customer trust, brand image and reputation. Data subjects can gain greater insight into how, why and when their data is used and request that it be corrected or deleted in certain circumstances.
Looking beyond these gains, GDPR will harmonise data protection across the EU, provide a level playing field for data controllers and data subjects and, more broadly, push forward best practice data management across the financial sector.
GDPR: Pros and Cons
- Harmonised data protection across the EU
- A level playing field for data controllers and data subjects
- Improved customer trust, communication and brand image
- Operational benefits including centralised data, updated data content, improved processes and reduced costs for internal and external audits
- Reduced time to build applications, which could lower costs and provide competitive advantage
- Improved security, lower potential liability
- Improved customer service and targeting, and the potential for product innovation due to a more accurate view of personal data
- Potentially use of data science and predictive analytics due to the creation of a trusted source of centralised information.
- High fines for breaches/non-compliance
- Limited access within the EU to start-up technologies unable to afford the cost of GDPR compliance
- EU-wide multi-jurisdictional scope could raise the risk of conflicting interpretations
- Potential compliance conflicts with other regulations including KYC, AML and other financial crime measures that take a different view of data privacy
- Larger data management burden for data controllers and processors
Appendix 1: European Regulators
|EU||Article 29 Working Party (WP29)|
|European Data Protection Supervisor (EDPS)|
|Austria||Austrian Data Protection Authority (DSB)|
|Belgium||Commission for the Protection of Privacy (CPP)|
|Bulgaria||Commission for Personal Data Protection (CPDP)|
|Croatia||Personal Data Protection Agency (AZOP)|
|Republic of Cyprus||Office of the Commissioner for Personal Data Protection|
|Czech Republic||Office for Personal Data Protection (UOOU)|
|Denmark||Danish Data Protection Agency (Datatilsynet)|
|Estonia||Estonian Data Protection Inspectorate (DPI)|
|Finland||Data Protection Ombudsman (Tietosuojavaltuutettu)|
|France||Commission nationale de l’informatique et des libertés (CNIL)|
|Germany||Bundesbeauftragete für den Datenschultz und die Informationsfreiheit (BfDI) (Federal)|
|Datenschutzkonferenz (DSK) (independent)|
|Greece||The Hellenic Data Protection Authority (HDPA)|
|Hungary||National Privacy and Data Protection Authority (NAIH)|
|Ireland||Data Protection Commisioner (DPC)|
|Italy||Italian Data Protection Authority (Garante)|
|Latvia||Data State Inspectorate (DVI)|
|Lithuania||State Data Protection Inspectorate (VDAI)|
|Luxembourg||National Commission for Data Protection (CNDP)|
|Malta||Office of the Information and Data Protection Commissioner|
|Netherlands||Personal Data Authority (PDA)|
|Poland||General Inspector for the Protection of Personal Data (GIODO)|
|Portugal||National Commission for Data Protection (CNDP)|
|Romania||National Supervisory Authority for Personal Data Processing|
|Slovakia||Office for Personal Data Protection (PDP)|
|Slovenia||The Information Commissioner|
|Spain||Agencia Española de Protección de Datos (AEPD)|
|Sweden||The Swedish Data Protection Authority (Dataprotektionen)|
|UK||The Information Commissioner’s Office (ICO)/td>|
ASG enterprise data intelligence solution plus policy-driven content services solution to manage the lifecycle of personal data and capture consent
1View Solutions – Our proven software allows companies with complex multi-siloed infrastructures to practically and very efficiently consolidate all their business data and events. Enabling them to truly deliver regulation requirements and begin to compete with the newer, internet designed companies with fully integrated operations.
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Novabase – Symetria helps Financial Institutions address both current and future regulatory reporting requirements, effectively deal with regulatory changes and ultimately, reduce operational costs.
Pontus Networks – PontusVision Open Source GDPR IT Solution, one of the world’s first open source GDPR platforms
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Provectus – automated blockchain-based out-of-the-box-solution
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Shield FC – Shield is an innovative end-to-end trade and eComm platform covering the relevant scope for MiFID II, GDPR, Dodd Frank and the new wave of regulations. In addition to archiving and protecting the original files from all communication channels (voice, chat, email, text messages, OMS, documents etc.) as per compliance, Shield also uses big data capabilities and advance analytics to automatically correlate and cross reference the data across all platforms. With a quick and easy Google like search, Shield is designed as a user friendly solution for financial compliance teams to manage, search and perform investigations. We already assist European customers including Tier 1 banks to structure their communication data and be prepared to the growing amount of inquiries from the regulators and from customers.
Solidatus – Solidatus focuses primarily on the increasingly regular and critical theme of data lineage. An organisation can only begin to consolidate its data when it understands that data’s provenance. Detailed and complex data lineage can be represented in a visual form in Solidatus. This provides a richness and depth of information that other reporting processes cannot. Regardless of whether it is being used for AML, CCAR, BCBS239, FRTB, GDPR or MiFID II, Solidatus supports organisational efforts to maximise the impact efficiency of implementing regulation, improving operational transparency, reducing risk as well as costs. Solidatus enables regulated businesses to move from being reactive to proactive in their efforts to be compliant. The tool was developed to help understand how data flows through the data landscape by providing the most intuitive, flexible, data lineage, visualisation solution. Solidatus is uniquely engineered to build end-to-end data models more efficiently and effectively. The data economy of organisations is growing year-on-year, increasing the demand on businesses to understand and control change in order to minimise risk and manage costs. The unique collaborative mechanism built into the core of Solidatus helps organisations improve their data economy. Easily accessible, highly scalable and secure, it allows businesses to quickly develop a data landscape, crowdsource metadata and analyse how that data is used.
TeleMessage Inc -The TeleMessage Mobile Archiver effectively addresses compliance, regulatory, eDiscovery response requirements and reduces risk across a variety of industries. TeleMessage captures mobile content, including SMS, MMS, Calls and Chats from corporate or BYOD mobile phones. Messages are securely and reliably retained within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.
Trunomi – Trunomi unlocks the power of customer data using consent and data rights management. The Trunomi platform enables businesses to request, record and immutably prove the legal basis for processing personal data and comply with the highest standard for global data privacy (EU GDPR, ePrivacy Regulation, PSD2). For the customer we provide control and transparency over how their personal data is used. Trunomi turns regulation from a burden to a competitive advantage and is an enabler of the evolving personal information economy for a more flexible, transparent, empowered and customer-driven world. Trunomi has filed six patents for our technology and have raised over $9 million in Venture Capital funding. Veridate Financial
Verint – Through its acquisitions of Verba and Nxtera in 2017, Verint is the only FinTech/ RegTech vendor in the market providing a holistic financial compliance suite integrating proactive, active and reactive compliance capabilities. The extensive Verint portfolio offers proactive compliance, omnichannel compliance recording and archiving, speech search and transcription, automated verification and assurance solutions that is augmented by an extensive ecosystem of RegTech partners.
Waymark Tech – Speed up regulatory review times, never miss an update with advanced AI, and secure your data while lowering costs with transparent, predictable pricing.
ZoneFox – compliance reporting toolbox
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