With the arrival of the General Data Protection Regulation (GDPR), it is more important than ever to plan for the impact of these regulations by designing an efficient response. Using our experience and expertise, Temenos assists our clients by helping you meet regulatory obligations with limited disruption to your business by developing and implementing solutions at various banks across the globe.
Customizable Definition of ‘Personal Data’
Your bank can hold a customizable definition of ‘personal data,’ making it easy for you to manage and track what personal data you hold and why.
Temenos provides a predefined list of core fields intended to hold personal data, this list includes details such as name, contact and location data.
This definition can be tailored to include company-specific or local data that is considered in scope of personally identifiable information (PII).
Temenos provides a fully configurable consent management framework for Data Protection consent. This module allows different levels and types of consent to be recorded.
Processing based on the purpose of consent can read this framework in order to allow or prevent certain processing for customers.
The module enables the logical erasure of personal data when and how you require, this contributes to a system with data minimization in mind.
Our erasure process, based on there being no lawful basis to process the data, will only occur after relevant retention periods for processing the data have passed.
The erasure process is irreversible and will apply to all defined personal data, and includes historic records.
Customizable reports are available to facilitate SAR and Data Portability requests.
These reports can be exported into a machine-readable format as standard in order to fulfill regulatory requirements.
Additional functionality is available to assist regulatory compliant processing, such as exercising objections or restrictions. A Rights Management tool allows you to log and track ‘rights’ requests made by data subjects.
KYC (Know Your Customer) is becoming increasingly important in banking compliance. In 2016, Forbes reported that banks spent over $100 billion on regulatory compliance, and predicted that the regulatory costs will rise from 4% to 10% of revenue by 2021.
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