As a modern recruitment platform specializing in the financial services industry, a GoBuyside recently commented on the General Data Protection Regulations (GPDR) set to go into effect in the European Union May 25, 2018. This change will affect businesses around the world because it applies to every company that does business with entities within the EuroZone. The GDPR is not effective yet, but the EU wants every corporation affected by it to use their period to evaluate their current processes related to the protection of customer data, analyze and map out the gap between GPDR and their current situation, and implement any changes needed so they will be in compliance by May 25.
The GPDR changes the security obligations of businesses under the current European Union Data Protection Directive. According to the new General Data Protection Regulations, individuals have the right to privacy, so companies must design their data protection around that fundamental right of the individual. The bill requires companies to install whatever technical safeguards, organizational procedures and mechanisms are necessary so data is protected “by default.” The GPDR also places great emphasis on accountability and transparency. The new law imposes greater requirements for analyzing and documenting the processing of data. All companies are responsible, and must be ready to demonstrate their compliance with GPDR.
GoBuyside’s financial analyst pointed out all financial firms doing business with individual in the EuroZone must look at how they analyze personal data of customers, officers and employees. This applies to fund administrator, investment fund companies, management firms, depositaries and alternative fund managers. Each organization must examine how data flows within it what kind of arrangements it must make to ensure total privacy rights and freedoms of individuals as defined by GPDR. These firms will also have to implement changes in their notifications, security arrangements, transfers and processing agreements.
GoBuyside’s mission is to supply financial firms with the qualified staff they need. They work with hedge funds, private equity firms, Fortune 500 companies, alternative investment managers and advisory platforms. Because they have disrupted the traditional recruitment model, GoBuyside has over 500 satisfied customers. It uses the latest technologies and platforms to ensure their access to the highest level of recruits. They have a talent network involving over 10,000 firms and around the world in over 500 cities. They systematically screen all potential recruits to determine precisely which jobs they are most suited, and which companies they would fit into best.
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