Partner interview: BDO on digital compliance in Africa – part two
In the first part of our interview with Zakaria Fahim, the Managing Partner & Head of Advisory, BDO Morocco, we discussed some of the challenges African companies are facing around risk management and compliance. Zakaria explained how the complexity of modern compliance, combined with a lack of tools and the wrong approach was spurring African companies to look to external support when managing compliance.
In this second part of the Q&A, Zakaria expands on that, outlines how the BDO and OXIAL partnership can benefit African businesses and speculates as to what the future of compliance will look like.
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 -
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 ..."
BDO Morocco and OXIAL service allows African firms to benefit from 100% compliance with global and national requirements
New service targets emerging African market with fully digitised compliance and risk management
September, 2018 – African businesses can now benefit from the very latest digital compliance and risk management solution, thanks to a new offering from BDO Morocco and new generation GRC solution provider OXIAL.
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.
The role of data protection officers (DPO) is one of the most demanding roles in the enterprise. There is more data in business than ever before and that data’s value in terms of customer insight has never been higher.
But keeping that data secure and confidential is also a growing challenge. The increasing sophistication and professionalism of cyber criminals means that ransomware and data hacking is on the rise, while the forthcoming General Data Protection Regulation (GDPR) has mandated that all organisations employ a DPO.
Time is rapidly running out for organisations to meet the 25 May 2018 deadline to ensure the EU’s General Data Protection Regulation (GDPR) compliance requirements, so one would think that most organisations are frantically preparing for such a momentous change in data laws. Especially so, given that the financial penalty for failing to comply with GDPR will be either 4% of a company’s turnover or €20m, whichever is greater.
That’s not necessarily the case though. Recent research (Q4 2017) with European business leaders revealed that only 8% of businesses are ready for GDPR and have made the necessary compliance changes. More than half of those surveyed believe GDPR is too complex for middle-market businesses, while 26% admitted their organisation would not be compliant by May.
At OXIAL we always choose the very best partners to complement our GRC technology and digital compliance expertise. That’s why in 2017 we chose to partner with two companies in the US - Global Data Sentinel (GDS), a New York-based leading cyber security solutions provider and Mice360, a Washington-based cybersecurity think tank and accelerator to jointly develop the next-generation of GRC solutions.
We knew that such collaboration was the best way for an organisation to defend itself against cyber attack and also to manage compliance requirements such as the EU’s General Data Protection Regulation (GDPR) effectively and efficiently. And that remains the case as the news goes public that GDS and Mice360 have merged.
The clock is ticking when it comes to the European Union’s General Data Protection Regulation (GDPR) coming into effect. The past few years have seen much discussion and debate about what GDPR entails, how it will protect consumers and what it means for the organisations that store consumer data.
We are approaching the time when organisations need to stop talking and start doing. Yet a recent survey (December 2017) of 400 European business leaders by the European Business Awards revealed that an astonishing 92% of organisations are not yet ready for GDPR.
GDPR is the most significant change to data protection law in the EU for a generation – is your organisation ready for May 2018, and most important to continuously protect your data?
The European Union’s General Data Protection Regulation (GDPR) will come into effect on 25 May 2018. Every organisation – irrespective of where in the world they are located – must comply with GDPR if they hold or collect data on European citizens. Failure to comply will results in fines of up to €20,000,000 or 4% of an organisation’s annual global turnover, whichever is greater.
The OXIAL GDPR EXPRESS solution uses an automated approach to offer 100% GDPR compliance. Targeted primarily at midsized firms in the financial services (FS) sector, it’s a solution based on OXIAL’s years of experience in risk management, IT security and compliance, and crucially can be live and operational in less than 90 days.
A previous Hes-so study identified human risk as one of the major threats to banks and other FS providers, and the new project will use OXIAL’s GRC software to amplify the weak signals within an organisation and prevent human risk from causing too much damage.
Organisations can now benefit from a real-time and integrated view of all cyber security threats, thanks to the new IT GRC solution from new generation GRC solution provider OXIAL, that integrates IT risks and threats with overall risk and compliance structures.
Capital Markets firms can now benefit from a new continuous compliance service for algorithm risk management, thanks to a partnership from new generation GRC solution provider OXIAL, and financial markets specialist GreySpark.