SlideShare a Scribd company logo
Nanda Mohan Shenoy
Director & CEO
Bestfit Business Solutions Private Limited
21March2018
Meeting Compliance requirement in
Digital World-Financial Services
Opening Remarks
Why Compliance?
The Only cost that is going up in the current scenario
Compliance Cost
Other Costs moving southward
Transaction
People
Technology
Penalties and fines by regulators
What is Compliance?
Nothing but a costly Policeman
COMPLIANCE
C-POLICEMAN
Highlights
Evolution to Digital world
Compliance Landscape
Data Compliance Drivers
General and specific compliance in Asia
GDPR
Competencies Required
Evolution to the Digital World
Banks & Telecom Divide
In most countries Telcos are taking over the payments
Regulations in African countries are not as rigorous
Digital Drivers
Volume Drivers
Exciting Times
Tipping Point
Data Compliance Drivers and challenges
Privacy Laws
Act on the Protection of
Personal Information
(APPI) -30 May 2017
Personal Data (Privacy)
Ordinance (Cap. 486 of
the Laws of Hong Kong)
(Ordinance).
The Australian
Privacy
Amendment
(Notifiable Data
Breaches) Act 2017 -
22-Feb 2018
New Cyber Law-
June 2017
India Case Study
1. 1.2 Billion residents of India Uniquely Identified using Biometrics
and the data is highly sensitive
2. Contains SPDI in Indian Parlance equivalent to personally
Identifiable Information (PII) Globally
3. Information Technology Act 2000
• Major Amendment in 2008
4. Data Protection Framework –Draft released for public comments
5. Major Supreme Court Judgment on Privacy as a Fundamental
right a couple of months back
6. Government goes full hog on protective Sensitive Personal Data
of Aadhaar
India Case Study-Use Case
Aadhaar Data used day in and day out by various agencies
Securing Aadhaar Data
Aadhaar number must
be stored in a vault in
an encrypted manner
whose key should be in
a FIPS 140-2 compliant
device
Competencies required
COBIT 5
Talk of the Town-GDPR
One of the highest penalties
Upto 4% of the global revenues as
penalty
Effective Date- May 2018
Concluding Remarks
Q&A
nmdshenoy3@gmail.com
+91-98204-09261
धन्यवादwww.bestfitsolutions.co.in
21
Thank You
Thank You

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