, ,

Partner interview: BDO on digital compliance in Africa – part one

Partner interview: BDO on digital compliance in Africa – part one:
Digital compliance is something that lies at the core of what OXIAL offers. In a world of ever-growing compliance and risk management complexity, the idea that an organisation wouldn’t use automation and digital compliance to help manage this, is baffling.

We work with a number of partners that really augment our digital compliance offering. Smart consultants that understand the requirements of modern global compliance are an integral part of digital compliance and this is a model that is really starting to resonate with businesses in different countries all over the world.

, ,

OXIAL takes centre-stage in BDO’s Middle East Update

OXIAL takes centre-stage in BDO’s Middle East Update –

BDO is one of OXIAL’s most important partners, working together to help ensure African businesses are 100% compliance with global and local requirements. That partnership is featured in the October edition of BDO’s newsletter, Middle East Update, where Zakaria Fahim, Managing Partner & Head of Advisory, BDO Morocco describes it as follows:

“Both regulation and inherent risk is increasing for our clients in this fast-changing world …”

,

Nearly three in 10 organisations still not GDPR-ready…is your firm one of them?

Nearly three in 10 organisations still not GDPR-ready…is your firm one of them?

More than three months on from the deadline of 25 May to be compliant with the European Union’s (EU) General Data Protection Regulation (GDPR), new research has revealed that 28% of organisations do not feel completely compliant.
This idea of a number of European businesses not being GDPR-ready was highlighted further in the research conducted at Infosecurity Europe by security firm Imperva, with nearly one-fifth of respondents not confident that they will pass their initial GDPR audit.

,

The cost of compliance…and the inherent risk in cutting corners

Compliance is a business function that has never been higher up the corporate agenda than it is now. Whereas it was once low-profile, it is now something that every business is aware of and something that most businesses take with the utmost seriousness.

GDPR is the most high-profile regulation in 2018 so far, but we live and work in a world that is increasingly regulated, with each different sector and geography coming with its own regulatory and governance requirements. Financial Services (FS) is a sector that is particularly compliance heavy.

,

Partner interview: EY on the future of supervised compliance – part two

In the first part of our Q&A with EY’s Pierre Pourquery, who leads the Control and Compliance solution for Europe, Pierre outlined the challenges faced by companies in banking and financial services (FS) and also discussed the stark need for those companies to change their entire approach to compliance and how they manage it.

In this second part Pierre goes on to explain just how OXIAL and EY are perfectly positioned to help with such a transformation.

,

Partner interview: EY on the future of supervised compliance – part one

For OXIAL, the concept of supervised compliance is one that really resonates with our business model and the way that organisations should operate in 2018. The idea of working with a technology firm to automate controls and processes around compliance, supported by informed consultants who know the legislation inside out, feels like a smart way to approach compliance. This is especially so in sectors such as banking and financial services (FS) where there is more compliance and regulation than ever before.

However, as with many phrases within business and technology, interpretations as to the precise meaning of ‘supervised compliance’ can vary. We caught up recently with EY’s EMEIA Financial Services Partner Pierre Pourquery who leads the Control and Compliance solution for Europe. Pierre knows as much as anyone about FS compliance and he explained the importance of supervised compliance for banks and why many banks are doomed if they do not embrace wider digital transformation projects.

,

Why banks must embrace digital transformation…or pay the ultimate price

In many ways, it’s never been harder to work in banking or the wider financial services (FS) sector. There are many pressures that have arisen over the past decade, ranging from public mistrust of the industry as a whole, to the emergence of more agile challenger brands and startups that are able to offer quicker, smarter and more appealing products and services.

There is also the issue of ever-increasing volumes and complexity of compliance requirements. Many FS organisations are active in a number of different countries, and demonstrating good governance and compliance in each of these is a highly demanding task. Furthermore, due in part to the financial crisis of 2008, there is a need to show more transparency in decision making, to both regulators and to potential customers.

,

GDPR did not stop on 25 May 2018

The fact that the General Data Protection Regulation (DSGVO) is one of the most important compliance regulations that Europe has met in recent decades is beyond doubt. Introduced to address the changing age of privacy on the Internet, it was both overdue and urgently needed to ensure consumer privacy.

Although the organizations have prepared for the deadline of May 25, 2018, it is important to know that May 25 was just the beginning of the DSGVO requirements and not the end point. What should companies know after May 25?

,

Practical GDPR tips for any Data Protection Officer

A key requirement of GDPR is that organisations must now employ a data protection officer (DPO), who will have overall responsibility for ensuring GDPR compliance for that organisation.

It’s a highly demanding role, but luckily, with GDPR deadlines now looming very large indeed, there is no shortage of advice around on how best to manage GDPR compliance. However….much of this advice is theoretical and given by people who lack hands-on experience. What would be far more useful for a DPO, is practical and specific advice, given by an expert in the field and experienced in ensuring organisations stay on the right side of compliance requirements.

,

GDPR real risk > GDPR potential risk

In all of the discussions about GDPR, many people seem to have become overly focused on the new financial penalties for non-compliance. It’s certainly a weighty amount – any organisation failing to achieve compliance with GDPR could face penalties of up to €20m or 4% of annual turnover, whichever is greater.

But how realistic is that, especially for mid-sized firms? I would say it is highly unlikely that any organisation will be hit with such a fine in the first few months at least of the GDPR era. But that’s not to say that there aren’t huge risks out there for non-compliance. What are the real risks of GDPR and how do organisations go about measuring them?