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Does My Bank Need to Update Our IT Systems to Comply with Data Privacy Laws?

Will my community bank be required to re-architect our existing systems to comply with data protection and privacy laws?

Not explicitly.
But, yes, it is likely that your bank will, eventually – sometime within the next decade or so – be required to update (or rebuild) your information systems to prioritize privacy and comply with data protection laws and privacy regulations.
As FinExtra says,
The choice for financial entities will be to select between build or buy options for compliance and reporting solutions. In a period of time, the most likely outcome will be that financial firms will be trying to optimize the product cost by buying some standard reporting framework as a 3rd party product and investing more optimally their resources on data portability part. There are already products and frameworks in the market meeting such demands. The challenge obviously is how fast and how meticulously banks can meet these compliance demands because the liability in the event of any compliance breach is significant.

In this webinar, we will discuss steps you can take today to update your existing data rights management program, and put any talk of a complete systems overhaul on the back burner for now!
Source: Prasoon Mukherjee, Privacy by Design – IT Systems May Evolve in Banks Under GDPR, FinExtra (Feb. 19, 2019),
Learn more about Carly Souther and Elba Manzanilla webinar Data Protection and Privacy for Community Bankers

First published on 12/22/2019

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