gdpr - threat or opportunity?
TRANSCRIPT
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IRESS is a supplier of software products and solutions for the financial services market. Whilst we
seek to understand relevant changes to the regulations that will affect our clients’ businesses, we
do not purport to offer definitive advice or guidance as regards the meaning or interpretation of any
new regulations. As such, any views and / or statements made within this presentation should not
be relied upon and your own particular position should be checked with your Compliance Officer
and / or Compliance Service provider.
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• Replace 1996 Data Protection Directive
• Will apply after Brexit
• Aims:
• Give individuals greater protection, rights
and control over personal data
• Harmonise data privacy laws
across Europe
• Laws that reflect our technology
and data-driven world
What is GDPR?
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• Honour individual rights to request erasure,
rectification, restriction or a copy of information
• Fair and transparent processing
• Specific and explicit consent
• Limited to what is relevant and necessary
• Kept accurate and for no longer than is necessary
• Ensure appropriate security
What does it mean?
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Fines• Current: £500,000
• GDPR: Up to €20million
or 4% of annual turnover (whichever is greater)
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• Many leaving GDPR too late / to the IT dept
• Considering discarding data as solution
• Unnecessary loss of valuable information
Data discarding
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Greater trust• Greater security and transparency =
greater trust
• Impacts customer attraction, retention
and advocacy
• Communicate your policy changes
with customers
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Digitaltransformation• Accurate / up to date data is a requirement
• Fundamental to any digital transformation initiative
• Opportunity to offer customers:
o More flexibility on channel
o A richer experience
o Greater service value
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Competitiveadvantage• Just 6% of UK firms regard GDPR
compliance as a priority*
• Inboxes will be less crowded
• Opportunity to be seen and heard
• Start collecting consent and preferences now
• Be more relevant and engaging
*Research conducted by Sophos – survey of 625 IT decision makers
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Get it wrong:The reputational and financial
threats are huge
Get it right:The reputational and financial
opportunities are huge
Start now!GDPR should be a business-driven project.
Collect consents and preferences now.
Think strategically about your technology.(don’t build your next legacy system)