EY to support financial institutions on GDPR compliance
Technology advancements have fundamentally altered how organizations collect, use and manage data. In light of this, the European Commission (EC) embarked on a process to update, simplify, and bolster privacy regulations; and allow European Union (EU) residents control over their personal data. The culmination of these efforts is the Global Data Protection Regulation (GDPR) which came into effect in May 2018.
The GDPR is a game changer for organizations. It introduces more stringent and prescriptive data protection compliance challenges. Organizations need to review their current data protection compliance programs to determine next steps and decide on the level of investment they need to make to address the changes.
Ernst & Young Nigeria (EY) is set to hold an event aimed at bringing her deep subject matter experience to provide insights into GDPR and how it impacts the Nigerian organizations. The event will take place at EY Nigeria Office at UBA House, 10th Floor, 57 Marina, Lagos on Wednesday 20 June 2018.
EY Advisory Leader for West Africa, Ben Afudego, said financial institutions processing EU data must ensure the security of the personal data of data subject and comply with the GDPR by ensuring safeguard and reducing risk to data subjects. In the absence of a Nigerian general data protection law, Banks would need to build strong privacy and data protection culture which addresses the rights of EU citizens as stated in the GDPR. According to him, EY is proud to be a part of this transformative GDPR journey. We believe the establishment of global regulations such as GDPR would enhance cybersecurity, improve data management, boost customer loyalty and trust and ultimately nurture social responsibility in business.
The risk management practice of EY has helped clients comply with various regulatory requirements. We have worked on privacy transformation programmes and know from experience the complexity of clients complying with new regulations which will alter the way their people, process and technology operate. We are excited and thrilled to support organizations not only to keep to the right side of regulators, but create business value while managing risk now and into the future.
“EY is a leading provider of risk management and regulatory services globally. Its highly qualified professionals have deep experience that can assist organizations in their GDPR compliance journey” Ben said.
Big Read |