GC Capital Ideas has analyzed in the last few posts the intricacies and corporate responsibilities and challenges in a world of constant technological innovation. This order requires striking a balance between new initiatives such as the use of big data and advanced analytics, and regulatory requirements and privacy needs.
These are the aims of Global Data Protection Regulation’s (GDPR) and the recently adopted California Consumer Privacy Act of 2018, which goes into effect in 2020. Uncertainty remains as to whether all companies can comply with the totality of GDPR's broad protection of the “rights and freedoms” of individuals. In some industries strict adherence may potentially inhibit certain key business objectives such as research involving artificial intelligence, for example.
Also, there may be points of potential duplication and conflict between each regulation to some degree. These challenging legal, regulatory risk management and compliance requirements will have an impact on corporate budget, staffing, resource allocation and expense management. While compliance may not be commonly viewed as the predominant determining factor in prioritizing business objectives, it is critically important for companies to devote the necessary resources to successfully operate in an increasingly complex regulatory environment.
Statements concerning tax, accounting, legal or regulatory matters should be understood to be general observations based solely on our experience as reinsurance brokers and risk consultants, and may not be relied upon as tax, accounting, legal or regulatory advice, which we are not authorized to provide. All such matters should be reviewed with your own qualified advisors in these areas.
Developments in the Data Privacy Regulatory Landscape (Introduction)
Regulatory Landscape Part I: The New Privacy Order Created by GDPR
Regulatory Landscape Part II: Extra-Territorial Application of GDPR
Regulatory Landscape Part III: New York Department of Financial Services Regulation
Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers
Regulatory Landscape Part V: NAIC Model Law
Regulatory Landscape Part VI: California Consumer Privacy Law