Financial institutions are one of the sectors that will be significantly impacted by the new EU data protection regulation, GDPR.
Pontus Vision, the London-based RegTech company enabling global financial institutions and government organisations to efficiently and securely manage their large and complex data requirements, today announced the launch of Pontus Vision GDPR.
Pontus Vision GDPR is an open source, secure, software-based solution, that enables firms to search for any given customer and quickly access all of the data the business holds about them in a single, consolidated view. In doing so, helping companies to easily and efficiently comply with the EU General Data Protection Regulation (GDPR) that will come into force on the 25th May 2018.
GDPR will impact every business that processes or collects data from EU citizens. Failure to meet the regulatory requirements could result in significant penalties of up to €20 million or 4% of global annual turnover – whichever is higher. The legislation will require firms to adhere to a multitude of new rules governing how their customers’ personal data is handled, processed and secured. To effectively address upcoming obligations, including the need to respond to information requests within specified time frames, firms will need to ensure they protect their customer’s data in a standardised, complete and readily accessible manner.
Meeting these requirements presents significant challenges for a number of financial services organisations, including retail banks, asset managers and insurance brokers. Many are storing ever-increasing volumes of interrelated client data across multiple siloed databases in a wide variety of formats.
Designed to deliver GCHQ-level security even when data is stored in the cloud, Pontus Vision GDPR is an open source solution. It enables firms to streamline and automate their data management processes, without changing underlying systems or procedures, or implementing potentially restrictive proprietary solutions. This approach considerably reduces the time, cost and effort required to take the steps necessary to achieve GDPR compliance.
The software constantly extracts and tracks all of the personal data that the business holds on its customers. This empowers Data Protection Officers to easily collate and analyse all of the personal data relating to a particular client. Firms can also quickly respond to GDPR-related subject access requests (SARs) and track privacy impact assessments (PIAs), even when the data is stored in different siloed locations and in varying formats.
The ability to access customer data in a single view also provides firms with a rich source of client and business insight. This can be used to enhance the customer experience and create personalised opportunities for cross-selling and upselling.
Additionally, the software solution offers a ‘self-service’ option allowing organisations to provide their customers with the ability to delete or update their own personal information. This considerably reduces the effort otherwise associated with manually processing requests of this nature.
Commenting on today’s announcement, Leonardo Martins, Founder of Pontus Vision, said:
“We have designed Pontus Vision GDPR to enable financial service firms, challenged with historical data management issues, to very quickly and efficiently meet their GDPR requirements. Having built the solution following an engagement with the UK Government, we have applied our knowledge and expertise in security to the development of Pontus Vision GDPR and are pleased to offer it as an open source solution to the financial community.”
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