eProseedRTC Receives RegTech Innovation Award for GDPR Compliance Support Tool
eProseedRTC's GDPR Compliance Support Tool, a software tool enabling organizations to self-assess their level of compliance with the EU General Data Protection Regulation, and developed in partnership with CNPD, LIST and Digital Luxembourg, was given the RegTech Innovation of the Year Award on the occasion of the Luxembourg Finance Innovation Summit 2017.
Geoffroy de Lamalle, founder and chairman of the board of eProseedRTC, is proud to announce that the RegTech Innovation of the Year Award has been given by the jury of the Luxembourg Finance Awards 2017 to eProseedRTC for their GDPR Compliance Support Tool. The award was presented on November 30, 2017 during the 9th Luxembourg Finance Innovation Summit.
The Luxembourg Finance Awards aim to reward best practices and outstanding projects in the financial sector, and to spotlight leading professionals for their skills, their engagement and their involvement within their organization. The RegTech Innovation of the Year Award recognizes a company that helps organizations face a complex financial regulatory environment by offering them a solution to meet their compliance and reporting obligations by using innovative technologies.
The new European Data Protection Scheme, GDPR, which comes into force on 25 May 2018, requires all stakeholders to achieve compliance as rapidly as possible. To support organizations in their task of incorporating the provisions of the general rules on data protection into their in-house policies, the Commission Nationale pour la Protection des Données, CNPD, decided to work with eProseedRTC and the Luxembourg Institute of Science and Technology, LIST, with additional support from Digital Luxembourg, the government initiative that supports public and private actions in the digital area, to provide all stakeholders concerned with a self-assessment software tool intended to facilitate the best appropriation of GDPR in Luxembourg.
"We are honored to receive this RegTech Innovation Award recognizing our commitment to improve the way organizations tackle complex regulatory compliance issues", said Geoffroy de Lamalle. "I can assure you that the entire eProseedRTC team is proud to contribute to helping businesses and organizations in Luxembourg accelerate the path to compliance with such a stringent, complex and ambitious regulatory framework. This was made possible thanks to the mobilization of all the stakeholders, namely CNPD, LIST and eProseedRTC".
The aim of the GDPR Compliance Support Tool is to provide an innovative, intuitive solution enabling users to assess the compliance of their organizations with the GDPR requirements. The tool utilizes a detailed and comprehensive database of more than 350 regulatory requirements and related guidance, developed by the CNPD. The GDPR Compliance Support Tool allows users not only to produce a record of all processing activities, together with all supporting documentation necessary for demonstrating compliance with the regulations, but also to monitor the evolution of the level of coverage of their organizations and to produce dynamic and actionable reporting.
The GDPR Compliance Support Tool is now part of eProseedRTC's FSIP, a comprehensive suite of regulatory compliance tools, providing transparency by enabling real time oversight of even the most complex activities. FSIP automates the entire compliance management process, significantly improving speed whilst reducing error and cost, and freeing up scarce expert staff to focus on real value-added roles.
"Monitoring and management of compliance, and of the risks associated with non-compliance, are increasingly important challenges being faced by many industries", according to Geoffroy de Lamalle. "The implications of non-compliance are steadily increasing in tandem with the expanding breadth and complexity of regulation. It is self-evident that technology has a large part to play in monitoring and assuring compliance in this fast-evolving environment. eProseedRTC has developed a suite of innovative solutions that meets those needs and provides real-time control".