02.10.2020
The virtual event “The Week of the Compliance Function in Banks 2020” organized by the Association of Serbian Banks
The virtual event “The Week of the Compliance Function in Banks 2020” organized by the Association of Serbian Banks was held at the end of September 2020.
Within the framework of the Week of the Compliance Function in Banks and Financial Institutions, the representatives of Chip Card, one of the sponsors of the event, clarified the ISO 27701 Standard implementation process, which implies Information Privacy Management, the significance it has on compliance with the Personal Data Protection Law, the influence on the business processes in organizations and the necessary measures and actions in compliance. The ISO 27701 Standard has been implied in Chip Card since 2020, so the participants at the Virtual Conference were presented the experiences on the side of the Processing Center that renders services to both banks and merchants.
The lecture and interaction with the participants highlighted the importance of introducing this standard, first of all the significance of data and privacy protection, which, in light of regulatory requirements, rank high when organizational compliance is concerned. The implementation of this standard has enabled the achievement of the transparency of business processes and the way of the protection of the personal data that are the subject matter of processing in accordance with the clearly defined requests, steps and controls of individually each single process performed inside an organization.
The participants were made familiar with the advantages of the implementation of the ISO 27701 Standard, the challenges organizations are faced with in their endeavors to adhere to the regulations and the application of the new Personal Data Protection Law, as well as the conveniences arising from a decision of an organization to have this standard implemented.
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