Navigating data privacy

In an era where data is as valuable as currency, asset managers must navigate the complex landscape of data privacy with precision and foresight.

The General Data Protection Regulation (GDPR) stands as the cornerstone of data protection in the modern world, setting stringent guidelines for organisations to follow and granting individuals unprecedented control over their personal information. For asset management companies, the relevance of GDPR may not be immediately apparent, yet it is undeniably crucial. The regulation applies universally, encompassing all organisations that handle personal data, including those within the asset management sector. KPMG Law’s Emma Ritchie outlines what you need to know.

Readiness for Data Subject Access Requests (DSARs)

One of the pivotal rights established by GDPR is the ability for individuals to request access to their personal data held by an organisation. This right is particularly pertinent when an employee parts ways with a company.

In instances involving substantial personal data, a DSAR can potentially halt the daily operations of a business. Asset managers must be prepared for such requests, ensuring processes are in place for timely and compliant responses.

International data transfers

In the globalised world of asset management, data often crosses borders. The GDPR imposes strict rules on international data transfers, requiring adequate levels of protection for personal data.

Asset managers must ensure that any cross-border data movement complies with these regulations, safeguarding the privacy of their clients and employees.

Retention of personal data

The GDPR mandates that personal data should not be retained for longer than necessary. Asset managers must scrutinise their data retention policies, ensuring they align with GDPR requirements.

This involves regular reviews of the data held, the purpose for its retention, and its secure disposal once it is no longer required.

Staff training and awareness

Training staff in GDPR compliance is not just a recommendation; it is a requirement.

Asset managers must invest in comprehensive training programs to ensure that every team member understands their role in protecting personal data and the implications of GDPR.

Data privacy crucial in asset management

As we delve deeper into the intricacies of data privacy, it is clear that the stakes are high for asset managers. The responsibility to protect personal data is not just a legal obligation but a testament to an organisation's integrity and commitment to its clients.