This year on May 25, 2018, the General Data Protection Regulations (GDPR) will take effect in all European member countries hence affecting the operations of corporations around the world. As most companies are starting to embrace a new era of legislation, they will have to critically assess the way they approach data protection. Organizations need to take stock of the gaps that currently exist and compare them with the new requirements and therefore come up with any changes or improvements before the GDPR 25th deadline. In a recent analysis done by an expert from GoByside, a recruitment platform focused on finance, GDPR is going to have sweeping effects in the fund management sector.
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The main purpose of GDRP is to ensure the security of personal data and also to bring about the issue of individual privacy. In other words, GDRP regulation is almost an amendment to the Current EU Data Protection Directive. However, there are rafts of measures that have changed the way players in the financial sector are supposed to handle data. For instance, the design elements of the bill demand organizations to implement certain technical measures and procedures. The other important concept that has been introduced is the emphasis on transparency and accountability especially when it comes to the activities surrounding data processing.
Contrary to the existing data protection rules which only deal with data controllers within the European Union, GDRP regulations also apply to members outside the EU who transact business with EU organizations or companies within the EU region. According to GoByside’s financial analyst, Investment fund companies, administrators, Alternative Investment Fund managers will consequently have to reconsider the way they process their data relating to both their investors and employees. The main objective of GDPR is to strengthen the protection of personal data and to ensure organizations are accountable for how that information is shared.
GoByside is a 21st-century recruitment company partnering with financial companies, alternative investment managers, hedge funds, Fortune 500 companies and advisory companies across the world to address their staffing needs. The company works by leveraging on modern technology to screen the best candidates for different kinds of jobs. GoByside currently has over 500 satisfied clients, and the number keeps on increasing every day. The recruitment platform has gained trust all over the world for the great job they have been doing over the years. It is sometimes difficult to get the right people for certain types of jobs, but with GoByside, that process is made easier.
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