With the deadline for GDPR looming closer, Icon Solutions, a payments technology provider, has partnered with RegTech business Digital Control Room.
In May, the European General Data Protection Regulation (GDPR) will come into force across Europe, replacing existing national data protection regulations.
Despite the deadline edging closer, Icon believes that most financial organisations are viewing these changes as just another regulatory demand, without acknowledge the opportunity that GDPR presents to ‘improve internal systems and client service levels’.
In response, Icon has partnered with Digital Control Room, a RegTech software company specialising in providing governance risk, and compliance software solutions.
The company said the partnership with codify their extensive combined knowledge of the banking domain, embracing data governance and large scale institutional regulatory transformation, into The GDPR Integrator, a SaaS GDPR Platform. It will address the data challenges faced by the financial sector, based on often complex and ageing IT systems, large fragmented data sets and specific commercial needs to retain and generate new clients in light of the challenges presented by open banking.
The GDPR Integrator aims to simplify the compliance and remediation process for Financial Institutions. Its looks to enable organisations to prove to regulators, internal stakeholders and corporate customers, that the bank is actively working towards GDPR compliance and longer term architectural simplification.
Along with helping clients reach compliance, the plan will also future proof the client’s systems and processes, thereby turning GDPR into a valuable opportunity to streamline operations.
Farren Capehorn, Icon’s Director of Services, said: “We believe that the collaboration between us has created a unique GDPR solution specifically tailored to FIs. The GDPR Integrator is a revolutionary response that is designed to both identify areas of potential concern and create a clear plan of action to ensure that the risks are mitigated and ultimately removed.
“All while enabling the organisation to continue operating business as usual. Additionally, Financial Institutions need to consider that the downside of non-compliance is not only substantial financial penalties but also poor PR which can have serious impacts on share price and brand degrading.â€
Based in London, Digital Control Room provides software tools, which allows legal and compliance teams to effectively manage complex regulatory obligations, particularly in the areas of privacy and healthcare laws.
To meet the challenges associated with GDPR, Â the company clarifies, automates and places organisations in control of their data collection and processing infrastructures with comprehensive, end-to-end data governance, compliance and project management solutions.
In May 2011, the EU ePrivacy Directive was adopted into law by all EU member states and required website owners to provide site visitors with clear and comprehensive information on their use of cookies and similar technologies, such as HTML5 storage.
Digital Control Room also provides Cookie Audit services, which give organisations the tools and visibility they need to efficiently audit, track, manage and respond to the ways they are using cookies across their web-estates.
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