Regulatory Alerts2023-05-10
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Regtech Adoption Practice Guide Ninth Issue
The Hong Kong Monetary Authority issued the ninth issue of the Regtech Adoption Practice Guide to assist authorized institutions in implementing solutions for customer data and privacy. The document provides specific implementation guidance to help banks address challenges across the entire customer data lifecycle, including data inventory, consent management, processing, impact assessment, and incident response. These measures aim to improve the effectiveness of privacy compliance activities and enhance customer trust amid growing data volumes.
Our Ref: B1/15C 10 May 2023 The Chief Executive All Authorized Institutions Dear Sir/Madam, Regtech Adoption Practice Guide I am writing to share with the industry the ninth issue of the Regtech Adoption Practice Guide. This issue focuses on Regtech solutions for customer data and privacy. These Regtech solutions can help banks improve the effectiveness of their privacy compliance activities and boost customer trust amid the growing volume of customer data collected and processed. This practice guide provides implementation guidance to help banks plan the adoption of Regtech solutions for customer data and privacy. It offers advice on how banks can use these solutions to address the challenges across the customer data lifecycle, from data inventory to consent management, data processing, impact assessment, and incident response. If your institution has any questions regarding Regtech or any feedback on this Regtech Adoption Practice Guide series, please feel free to contact Mr Nitish Koladoo on 2597-0934 or Mr Anson Chan on 2878-1835. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl
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