General Data Protection Regulation (GDPR) Explained

  The General Data Protection Regulation (GDPR) is new EU legislation that comes into force on 25th May 2018 and will apply to businesses of all sizes operating in EU. GDPR Financial penalties – Increased fines Penalties for not conforming to the legislation will increase under GDPR, creating a bigger risk for businesses. Under the existing Data Protection Act, security breaches could be met with a maximum fine of £500,000.…

FDIC Part 370 Rule: Recordkeeping for Timely Deposit Insurance Determination

In April 2017, FDIC introduced the “Recordkeeping for Timely Deposit Insurance Determination” rule (Part 370) requiring insured institutions with more than two million deposit accounts to configure their systems to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity by April 2020. For compliance with the Part 370 rule, including: An articulation of the Rules set and timeline A review of…

Robotic Process Automation for Compliance

According to KPMG, three classes based on the level of automation:  Class 1: Basic process automation  Class 2: Enhanced process automation  Class 3: Cognitive automation addresses transactional work activities that are rules-based and primarily repetitive in nature. This includes screen-scraping, macros, incorporating workflows and basic design capabilities. enables the recognition of unstructured data and aids in adapting to the business environment. enables decision support with the help of advanced decision algorithms, the evolution of these tools…

Public Company Accounting Oversight Board (PCAOB) Audits

The Public Company Accounting Oversight Board (“PCAOB” or “Board”) plays an important role in capital markets as an independent audit regulator. The PCAOB’s work furthers the public interest, including the protection of investors, through its oversight of the preparation of independent audit reports. On 23 Oct 2017, the Commission approved a PCAOB rule that requires significant enhancements to certain public company audit reports, including the communication of critical audit matters…

GDPR May 25, Just 111 days. Are you ready ?

Found this interesting GDPR countdown clock by one of the many riding the Europe Union regulation General Data Protection Regulation There are hajar (1000 in hindi) guys trying to ride on this bus, including all our SaaS industry friends, leaders. But for my limited understanding this is just one another compliance. People are so much brouha about it because of the fines in term of revenue if found non-compliance. Have seen…