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

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.

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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.

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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.

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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?

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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.

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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?

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The HUB AFRICA 2018 in Casablanca has kept all its promises!

OXIAL was present on the BDO Morocco booth over these 3 days and also participated in the debates.

Mr Frédéric CARON, Executive Director of OXIAL, spoke at the plenary session on the CYBERSECURITY topic, in the presence of:

Karim HAMDAOUI, CEO LMPS –
Khalid BENHADDOU, International IT Expert –
Youness JERMOUNI, BDO Morocco Advisory Partner –
The debates confirmed that the data security for African companies has become a priority with the very strong growth of the continent.

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OXIAL and BDO – HUB AFRICA

The GDPR deadline of 25 May is looming large for many organisations.

A great number have yet to start on getting GDPR-ready in any meaningful sense, and there is a feeling that many are burying their heads in the sand about the best course of action to take.

This was highlighted in a recent survey (December 2017) of 400 European business leaders by the European Business Awards. The research revealed that an astonishing 92% of organisations are not yet ready for GDPR, while 28 per cent of those surveyed were completely unaware of the regulation that they will have to adhere to.

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Partner focus – ANTAES

As part of our series of posts that look at some of OXIAL’s strategic partners in a little more detail, this month we focus on ANTAES, a consultancy with whom we are partnering to help organisations manage GDPR compliance.
Swiss innovation: ANTAES is a partner that is found much closer to home than some of our others. A fellow Swiss company, ANTAES takes the best of Swiss thinking and business acumen and uses that to extend its reach far and wide.

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Using artificial intelligence to drive compliance

There are many different applications for artificial intelligence (AI). Some are ready now, such as using the processing power of AI to crunch big data to gain customer insight. Others, such as deploying AI within driverless vehicle computers might be another year or two from being fully ready. But amidst the discussion around AI, one element of modern business is generally overlooked – compliance and governance.

To be compliant and on the right side of governance laws around the world is incredibly important. The European Union’s General Data Protection Regulation (GDPR) that comes into effect on 25 May 2018 is a high-profile example, with every organisation – irrespective of where in the world they are located – having to comply with GDPR if they hold or collect data on European citizens. Failure to do so will results in fines of up to €20,000,000 or 4% of an organisation’s annual global turnover, whichever is greater.