General Data Protection Regulation (GDPR) - What banks and wealth managers must do now before the time runs out
On May 25th, 2018, the General Data Protection Regulation (GDPR) will formally take effect. Given the amount of data amassed on clients, the provisions outlined in the GDPR will have a significant impact on the costs and operations of the banking industry in general and private wealth management in particular.
With fines of up to 4% of a company’s annual global turnover, private management firms cannot afford to ignore this new, far-reaching regulation. However, the complexity of GDPR means that many in the industry are still in the dark in terms of how this regulation applies to their organization.
This 13-page flash report explores the various articles of the GDPR as they impact the banking industry at large, as well as specific provisions that should be noted by private wealth managers. The report breaks GDPR down into clear and understandable language and provides examples of what the provisions mean in real terms.
Furthermore, the report addresses regulatory gray areas relating to Brexit, supervisory competency, and international data transfers. Additionally, the report includes a case study of how a major European bank is implementing GDPR and outlines ways in which private wealth managers can best prepare for the new regulatory environment.
Banks and wealth managers will find answers to the following questions:
- What are the nuts and bolts of GDPR in normal language?
- Which GDPR provisions directly impact financial institutions, incl. private wealth management firms? What do these mean for these organizations
- What risks does GDPR pose for private wealth managers?
- Which grey areas in the regulations bring new challenges for private wealth managers?
- How has a major European bank already implemented GDPR (case study)?
- How should private wealth managers best prepare for the new regulatory environment?