Compliance Compendium: Happy 1st Birthday GDPR!
These GDPR birthday celebrations might be a month late, but over the year, the data protection legislation baby has grown quickly and at times flexed its newly discovered muscles. And it’s going to get bigger and stronger in the coming years.
How is year two of GDPR going to differ from the first?
Keeping an eye out for what people are getting fined for will be a large part of year two of GDPR compliance, according to Renata Hoes, Chief Compliance Officer and Data Protection Officer at Generali Investments Luxembourg.
Aqubix: Using the risk-based approach to your advantage
Taking a risk-based approach during the due diligence process is often perceived as purely cost. It’s also something that will always be asked for by regulators, and costs are continuing to increase whenever there are new clients.
Specific exemptions in data sharing restrictions for AML would help combat occurrence rates
Data protection is great for society, but it can hinder a bank’s ability to detect and prevent money laundering, according to Markus Schulz, global head of Financial Crime Compliance Controls at Standard Charted Bank.
Electronic Identification: How is KYC impacting the financial market
Establishing strong Know your customer (KYC) processes is one of the biggest challenges facing financial companies, Electronic Identification (eID) has offered a guide to help.
How is GDPR impacting insurance firms and what are they doing to ease compliance?
GDPR has not just been burdensome on financial services, but offered new opportunities, whether it’s getting firms to actually understand their data or even improving existing regulations, according to a panel at the Global InsurTech Summit 2019.
How closer scrutiny of risk data aggregation practices is increasing regulatory pressures on banks
The increasing scrutiny that regulators are placing on BCBS 239 compliance is causing challenges for financial institutions, but with more pressing and threatening regulations, it may play second fiddle for attention, according to Randeep Singh Buttar, Head of Data Change and Strategy (Global Risk and Finance) at HSBC.
How are risk managers looking to handle the rising threats of cyber attacks
To enhance combat against new risks like cyberattacks, insurance firms need to increase the amount of data they are tapping into, according to Adam Mitchell, Head of Risk Innovation at Chaucer.
Insurance companies cannot risk overlooking the importance of compliance
The insurance industry is rather focused on developing products and serving clients than further developing its compliance framework, according to Priscilla Cournède, head of group prudential and regulatory developments at SCOR.
How can companies balance compliance with innovation
Regulations, if created correctly, can help innovation, what institutions have to find is the right balance between experimenting new ideas and meeting regulatory regimes, according to a panel at the Global WealthTech Summit 2018.
