On May 25th, 2018, the General Data Protection Regulation (GDPR) will come into full force impacting any bank in the world that stores or processes personal information on EU citizens.
GDPR, one of the most lobbied regulations in the EU marks a significant development in the field of data protection law. It will mandate banks to undertake a significant amount of change in terms of how they organize their processes, operations and technologies to help meet the stringent requirements that this regulation demands.
In our latest paper, we explore the 10 biggest challenges GDPR may pose with respect to the end-to-end Client Lifecycle Process, spanning compliance, onboarding, data management, client outreach and client offboarding.
We also outline 8 ways in which banks can implement best practice guidelines when striving to implement for and achieve compliance with GDPR.