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Global Business

4 Big Shifts in the Regulatory Landscape

As consumer privacy concerns increase, so do regulations. JPMorgan Chase can help you stay on top of the legal changes ahead.


As consumer privacy concerns increase, so do regulations. JPMorgan Chase can help you stay on top of the legal changes ahead.

Safeguarding your customers’ personal information is no longer a check-the-box exercise.

As privacy concerns have increased, so has the volume of regulations. You have to keep up with the changes. And depending on your current systems, that could take a significant investment. Below are four ways customer privacy laws may affect your business—and the strategies to help you stay out in front.

  1. Privacy legislation is increasing globally and domestically—and it’s getting more complicated. Depending on where and how you operate, the laws you have to navigate are sometimes contradictory and often confusing. To understand your obligations, you need a strong legal partner. Attorneys can parse the legalese to look for “commonality of concept,” laws that are written differently but essentially require the same response. Your legal partner can also identify one-off privacy obligations that have a material impact on your business, such as those in a specific country or region.

  2. Transparency is key, but it’s not easy. Lawmakers and consumers are demanding to know how people’s information is being processed, including how data is being collected, stored and shared. Transparency is the new expectation, but it comes with a communications challenge. Full transparency means disclosures are longer, which typically means fewer people will actually read them. Your legal and communications teams should craft disclosures that are legally sound and understandable. Drop the jargon and keep it simple—it’s not only helpful, it’s refreshing. And remember to consider how to reach people where and when it’s most useful.

  3. As regulation complexity increases, so does the cost of keeping up. Businesses using manual or outdated IT systems will have an especially tough time complying with changing regulations. For companies relying on digital systems, consumer data protection is no longer a standalone issue that exists separately from their operations. It’s woven into every aspect of business. Examine your entire operational ecosystem to look for vulnerabilities.

  4. Data management is a deep pain point—yet critical to privacy compliance. To comply with laws or provide transparency, you need to know what consumer data you have, how you’re using it and where the data is located. Being able to answer these questions at any time is critical to data management. The good news is that newer systems make it relatively easy to implement data oversight processes. Legacy systems can be another story, but in today’s privacy climate, you shouldn’t skip this essential task. Additionally, maintaining high-quality data requires work and constant maintenance. Data complexity increases when you add a line of business, enter a new market or undergo mergers and acquisitions. In every case, the sooner you can get the data set in order, the better positioned you will be to meet the inevitable changes on the horizon.

 

The Upside of Regulation

It may sound daunting, but there’s good news in all of this. Companies are now forced to get their data houses in order—and in the age of big data, that’s a worthy investment. Data privacy research and innovation have increased substantially. Your banker, as well as legal and executive teams, can help you stay on top of emerging trends and implement the necessary systems to be in compliance. This way you can give your customers just what they want: trust and confidence.


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