Implementing the EU Data Protection Regulation

GDPR is changing international markets

Shifting financial and privacy regulations are creating new challenges for compliance in international finance and commerce. The European Commission’s new General Data Protection Regulation (GDPR), paired with innovative financial technologies, disrupts traditional models for the provision of services. The GDPR does not only apply to businesses operating in Europe, but to all businesses that regularly manage any personal data pertaining to European residents. Most major international businesses and financial institutions will fall within this scope. Key compliance issues in the next few years will include anti-money laundering/ counter-terrorism financing practices, de-risking, and implementing data protection governance.

New Requirements

Businesses and financial institutions that regularly provide goods or services to EU residents, or track the online activity of EU residents, have to provide for several new individual rights:

How should your business respond?

Implementing the GDPR can be viewed as an opportunity to improve practices and strengthen consumer trust. Data protection and privacy is an investment, and can be leveraged to become a competitive advantage. Strategy for ensuring compliance can incorporate or build upon other developments and initiatives to elevate your business.

Regardless of whether you are a data controller (the party that determines how personal data will be managed, and as such, has the primary responsibility to data subjects) or a data processor (typically a subcontractor engaged to help manage data), you have to demonstrate compliance and implement safeguards.

KI Design Team

Our international, multidisciplinary professionals provide the insight you need, wherever you need it. The diversity of our consultants allows us to create teams tailored to your needs, whether you are looking for readiness assessment, compliance evaluation, or technical design.

We work across specific market sectors, serving financial, Fintech, energy, healthcare, and government clients, as well as industry bodies and regulators. We are able to bring a complete market view to your projects.

Strong relationships with U.S., E.U., and Canadian regulatory bodies mean we can navigate regulations to find solutions or lobby for change where none can be found.