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Expert Series Podcast - GDPR & Why Organizations Need To Be Thinking About Third Party Risk

Session 1 of 3 (approx. 18 minutes)

I had the great pleasure to speak with Simon McDougall, GDPR expert and Managing Director at Promontory Financial about GDPR & Why Organizations Need To Be Thinking About Third Party Risk. Simon shared insights around GDPR best practices, possible blind-spots, and approaches for Board members, C-suite and middle-management.

The new General Data Protection Regulation (GDPR) - which comes into force in May 2018 - may at first blush seem like “just another EU regulation”. However, organizations - and specifically third party risk management teams within them - would take a “tick-box” approach to compliance at their peril.

In this session, Simon and I discussed:

  1. Are organizations looking at their Third Parties in relation to GDPR? What is the potential damage if they do not?
  2. What are some of the key considerations that organizations need to be thinking about through their Third Party lens?   
  3. What are some of the most common challenges that organizations are going to encounter, and how would you recommend they are approached?
  4. What are some of the blind spots – what are organizations not thinking about in the context of their Third Party suppliers/processors, that they should be?
  5. Should organizations be just looking at the critical suppliers or should they also be factoring in their long-tail and why?
  6. What’s the best way to approach managing this long tail?
  7. What kind of questions should board members be asking their executives around their approach to these issues?
  8. What kind of questions should the C-suite be asking their middle management about their approach to these issues?

Check back as podcast sessions 2 & 3 will be available soon.

 

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Managing Director, Promontory Financial, London

Simon McDougall is a Managing Director in Promontory’s London office, and leads Promontory’s global privacy and data protection practice. He is a Chartered Accountant and until 2010, led Deloitte’s UK Privacy & Data Protection and Payments Regulation teams. He specializes in privacy and data protection, information governance and regulatory investigations.

Simon has led engagements with some of the world’s largest financial institutions, technology firms, retailers and life sciences firms. He has developed rationalized privacy risk management models, built enterprise-wide privacy programs and managed in-depth data protection audits. He spent six months seconded as the Head of Privacy and Records Management for the retail half of a large international bank.

Simon serves on the IAPP Board of Directors and the IAPP European Advisory Board. He has previously served on the UK Data Protection Forum executive, the BSI Data Protection Editorial Board, the DataGuidance Panel of Experts, the President of the Law Society’s Surveillance Working Group, and a range of other consultative and advisory groups. He was the co-author of a paper to the Leveson Inquiry, addressing privacy and press regulation.

 

For more information about how Aravo can help improve your Third Party Risk Management programs, please contact us.

 

Related Content:

Executive Overview - The New GDPR: Taking A Strategic Approach To An Internationally-Focused Data Protection Rule

Infographic - EU GDPR & Third Party Risk - 5 Steps You Can Take Today

Executive Download - Third Party Risk Management in the Dynamic of Business Scale, Complexity, and Change 

Analyst Podcast - Session 1 - How to Develop a Third Party Management Strategy

Blog - Third Party Risk Management in the Dynamic of Business Scale, Complexity, and Change 

OCC Update Briefing 2017-7 - The OCC's Supplemental Examinations Procedures for Third Party Relationships Raising the Bar for Banks' Third Party Risk Management

Request A Demo of Aravo Third Party Risk Management Solutions

 

 

Topics: Data Security & Privacy, third party risk management, GDPR, General Data Protection Regulation