As May 2018 approaches the EU General Data Protection Regulation (EU GDPR) is moving quickly up the agenda of most businesses. It’s also establishing an increasing presence in the mainstream media as consumers become more tuned in to what it means for them.
Wherever you are in your GDPR journey, an absolute must is having a good appreciation of the basic elements of the regulation so that you can plan accordingly. As a useful summary I’ve listed six important elements below, extracted from our whitepaper ‘Defining the data powered future’. I’ve also included some important areas of consideration for each which may help to focus your planning. Of course, it’s by no means exhaustive and we’d always recommend referring to the ICO for more detail.
Banks and Financial Institutions are by now well versed with submissions to regulators both national regulators and to European Central Bank. However the launch of Anacredit regulations, brings a new dawn to the granular level of submissions to the regulators.
In a nutshell, Anacredit is applicable for all institutions which has more than EUR25,000 credit risk exposure to a counterparty. The institution is obliged to report 106 attributes for each of the exposure and of the counterparty. No other regulation by ECB has mandated such a granular level of data requirement by financial institutions.
Data migrations are commonplace these days and with the quantity of data growing rapidly year on year, they’re growing ever more complex. That’s why I believe we continue to see such appetite for our roundtable events where customers can learn and share experiences about what works for them. Our recent September event was no exception and as host I was pleased to be joined by a selection of customers from industries across the board as well our guest speaker, industry expert Johny Morris.
Data-driven marketing has been gaining in importance in recent years, but for 2015 in particular, data has taken centre stage as a strategic asset. Marketers now more than ever understand that data is central to better decision-making, efficiencies and growth. We look at the results of a recent study from Experian, the Digital Marketer Report, to examine how data quality is playing an integral role in most of marketers' key barriers and priorities for 2015.
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