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GDPRThreat or opportunity?

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IRESS is a supplier of software products and solutions for the financial services market. Whilst we

seek to understand relevant changes to the regulations that will affect our clients’ businesses, we

do not purport to offer definitive advice or guidance as regards the meaning or interpretation of any

new regulations. As such, any views and / or statements made within this presentation should not

be relied upon and your own particular position should be checked with your Compliance Officer

and / or Compliance Service provider.

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• Replace 1996 Data Protection Directive

• Will apply after Brexit

• Aims:

• Give individuals greater protection, rights

and control over personal data

• Harmonise data privacy laws

across Europe

• Laws that reflect our technology

and data-driven world

What is GDPR?

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• Honour individual rights to request erasure,

rectification, restriction or a copy of information

• Fair and transparent processing

• Specific and explicit consent

• Limited to what is relevant and necessary

• Kept accurate and for no longer than is necessary

• Ensure appropriate security

What does it mean?

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Threats

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Fines• Current: £500,000

• GDPR: Up to €20million

or 4% of annual turnover (whichever is greater)

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• Breaches will make the headlines

• Consumer trust is difficult to regain

Reputation

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• Many leaving GDPR too late / to the IT dept

• Considering discarding data as solution

• Unnecessary loss of valuable information

Data discarding

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Opportunities

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Greater trust• Greater security and transparency =

greater trust

• Impacts customer attraction, retention

and advocacy

• Communicate your policy changes

with customers

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Digitaltransformation• Accurate / up to date data is a requirement

• Fundamental to any digital transformation initiative

• Opportunity to offer customers:

o More flexibility on channel

o A richer experience

o Greater service value

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Competitiveadvantage• Just 6% of UK firms regard GDPR

compliance as a priority*

• Inboxes will be less crowded

• Opportunity to be seen and heard

• Start collecting consent and preferences now

• Be more relevant and engaging

*Research conducted by Sophos – survey of 625 IT decision makers

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GDPR: Threat or

opportunity?

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Get it wrong:The reputational and financial

threats are huge

Get it right:The reputational and financial

opportunities are huge

Start now!GDPR should be a business-driven project.

Collect consents and preferences now.

Think strategically about your technology.(don’t build your next legacy system)