How to Stay out of Trouble in Data Management Compliance – Top Tips from UBS

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Alex Laumans Executive Director, Global Legal & Compliance Control Framework at UBS speaks to Jim Vint Managing Director of Navigant, about data management and compliance challenges for international …

Alex Laumans Executive Director, Global Legal & Compliance Control Framework at UBS speaks to Jim Vint Managing Director of Navigant, about data management and compliance challenges for international financial institutions.

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  • 1. How to Stay out of Trouble in Data Management Compliance – Top Tips from UBS Interview by Jim Vint, Managing Director of Navigant, on behalf of Legal IQ Alex Laumans Executive Director, Global Legal & Compliance Control Framework at UBS speaks to Jim Vint Managing Director of Navigant, about data management and compliance challenges for international financial institutions.J Vint: Alex, in your opinion, what are the current compliance concerns facing global financialinstitutions today?A Laumans: They’re obviously manifold, but I would say that the biggest challenge staysregulatory changes in various aspects. On the one hand, they’re not thought throughsufficiently. There’s a very big political eagerness to respond to public pressure. You can seethat easily with the German elections at the moment, and by relation to emotions you couldsay the results remind us of… progress is bad where people will limp[?] in order to fit the bad.It’s really hard to consider the implementation. There’s a lack of definition, there’s a lack ofexpectations, there’s no case law yet. Much of the supporting regulation is overdue, it’s verymuch overdue, and a lot of changes, more localised. So, where you have, on the one hand, auniversal banking model, a global supervisor, taking a local approach is very difficult, it makesit very hard to control operations in an appropriate manner.A second thing that I see increasing at the moment is how to deal with the secrecy with theprivacy rights in light of very broad regulatory audits and subpoenas that we sometimesreceive. From time to time it feels slightly like a fishing expedition where you just get a requestto provide all information of potential relevance for periods of five or even ten years requiringan organisation to look back at data that is only available in film format, made very difficult tosort everything out, listen to all the tapes, and, at the same time, making sure that you respectthe individual’s rights not to disclose his or her personal data. But that’s, of course, just two ofa very long list of challenges that we’re currently dealing with, but two that stand out.J Vint: So that touches on the significance of the importance, certainly on data managementwithin these organisations. Just touching on one of your points, how has the ongoingcollaboration of regulators either assisted or hindered in the compliance process?Download the full interview here:http://www.infogovsummit.com/Event.aspx?id=793382#PresentationsAlex Laumens will be speaking at the Information Governance and eDisclosure Summit,which will take place from 14 - 16 May, 2013 at the Lancaster London Hotel, UK. Forinformation, please email enquire@iqpc.co.uk or call +44 (0) 2307 368 9300.More resources can also be found at: http://www.legaliqonline.com/The Information Governance and eDisclosure Summit will take place from 14 - 16 May, 2013at the Lancaster London Hotel, London, UK , United Kingdom. Further information can befound here: http://infogovsummit.com/ Alternatively, please email enquire@iqpc.co.uk or call+44 (0) 2307 368 9300. More resources can also be found at: http://www.legaliqonline.com/IQPC Please note that we do all we can to ensure accuracy within the translation to word of audio interviews but that errors maystill understandably occur in some cases. If you believe that a serious inaccuracy has been made within the text, please contact+44 (0) 207 368 9425 or email helen.winsor@iqpc.co.uk. 1