Compliance
Compliance (regulatory compliance) means conforming to comply with relevant laws and regulations. Together with KYC Spider in Zug Eurospider has in-depth compliance know-how.
The EU’s new General Data Protection Regulation comes into effect on May 25, 2018. The preliminary draft of the complete revision of the Federal Act on Data Protection (FADP) has already been published. In both cases, compliance duties and sanctions for non-compliance will be increased. From a technical vantage point, Knowledge Management not only increases innovation, but is also useful in meeting the regulatory duties and minimizing risk. How do you combine the unpleasant with the useful?
In a previous contribution we touched on the risk-based approach. However, it is not only risk that has to be evaluated correctly but also processes. Social research has investigated how errors are introduced into such evaluations.
Bad quality master data increases the probability of missed hits; for instance, when matching customer names against names of politically exposed persons (PEP), relevant hits may be missed due to character encoding problems.
The word Compliance is not a headword in the Duden. Wahrig shows compliance only as a medical term, and not in the sense of regulatory compliance; i.e. complying with relevant laws and regulations. Nevertheless, German media have used the word “compliance” frequently sinse 2012.
Names of persons are used to distinguish individuals. In today’s digitized world, the spelling of names matters, since computers compare name strings character by character, unless sophisticated name matching is used. In compliance, very often Arabic names are mentioned. A thorough look at the naming problem, however, has already started here.
Complete Revision of the Federal Data Protection Act
Complete Revision of the Federal Data Protection Act: „As of 15th September 2017, draft and report for a completely revised Federal Data Protection Act is public. In a first step parliament and the people agreed to adaptations in order to be compliant with EU law. The second part of the revision is debated by the parliament since September 2019. Data Protection is to be increased by giving people more control over their private data as well as reinforcing transparency regarding the handling of confidential data.”
Links: datenrecht.ch
