The European Union’s Global Data Protection Regulation comes in to effect in just over two months. Given that this is European legislation, why should South African businesses care? The obvious answer – GDPR applies to any business that deals with the personal data of EU citizens. This may mean you – even if your business…
“breach” An act of breaking or failing to observe a law, agreement, or code of conduct. A break in relations. A gap in a wall, barrier, or defence, especially one made by an attacking army\ Oxford English Dictionary Last week’s revelation that the personal information of over 30 million South African has been compromised. The exposure…
The most recent McKinsey-IIF survey on risk data and technology shows that banks are making significant investments in data management in order to meet BCBS 239 and other compliance targets. Ironically, according to bank’s own quantified self assessments, overall compliance levels have declined since 2015 in spite of this investment. Why is this? For regulatory…
Until a couple of weeks ago, I had never even heard of GDPR – the new General Data Protection Regulation set by the European Union (EU). And yet, for companies offering or wanting to offer services to clients located in Europe, the implication of infraction are clear: very high fines. This new European legislation, which…
So, against all the odds, the UK has voted to leave the European Union. We have already seen some of the impact – the pound crashing to historic lows against the dollar, and, unfortunately, taking the rand down with it. The regulatory impact of Brexit is likely to be no less disastrous. A study by…
Domestic systemically important banks have less than a year to comply with the principles of Regulation 39 of the Regulations relating to Banks. (BCBS 239) The Principles aim to strengthen bank’s risk management practices by improving their risk data aggregation and reporting. At the time of writing, global systemically important banks should have already complied.…
Late last year I attended a Data Management Review webinar discussing the impending BCBS 239 deadline, and the implications for banks in 2016. One of the speakers observed that BCBS 239 is largely designed to bring banks in line with sound data management principles already practiced in other industries such as the pharmaceutical industry, Drug…
