21 Jun 2017
One of the more eye-opening aspects of the changes introduced by GDPR is the requirement to notify the supervisor “without undue delay and, where feasible, not later than 72 hours” of becoming aware of a data breach. The challenge of notifying within 72 hours was worrying enough for many organisations, but attached to this is a potential fine of up to €10m or 2% of the data controller’s prior year revenue for non-compliance. Added to this, in certain circumstances, the data subject will also require notification.
16 Jun 2017
Former U.S. Vice President Dan Quayle once said “I do have a political agenda. It's to have as few regulations as possible”. Whilst this mantra is a panacea for some businesses and sectors, history has proven that regulations can benefit both businesses and consumers. The recent changes in global fuel shipping regulations, set out by the International Maritime Organization (IMO) are set to drive up freight rates and could result in consumers and businesses being exposed to higher prices.
15 Jun 2017
After some anticipation, the European Commission published its proposed changes to the European Market Infrastructure Regulation (EMIR) on Tuesday morning. Since Brexit, concern in London has centred on the possibility of repatriation of the large euro-derivative clearing market to the European Union. Draft proposals have seemingly avoided the prospect of a “nuclear option” where all euro-denominated clearing is forced to relocate, however, the proposals represent a considerable threat to the London Euro-derivatives market as well as significant operational change for market participants.
14 Jun 2017
How many systems does your company have? How many records do they hold? Exactly what data does each record contain? What is the data used for? Who uses this data? How do you keep track of all this?
13 Jun 2017
Die Unternehmen in der Finanzbranche befinden sich in einem Spannungsfeld, in dem sie Kosten reduzieren und gleichzeitig den Service und die Qualität sicherstellen müssen bzw. verbessern wollen. Bei der Durchführung von Operational Excellence Programmen (siehe Blog von Fabian Schulz im März 2017) oder Änderungen der Organisationsstruktur (inkl. Restrukturierungsvorhaben) darf eine eingehende Analyse der Organisationsstruktur und der vorhandenen Kompetenzen nicht fehlen, um eine nachhaltige und kosteneffiziente Umsetzung sicherzustellen.