News Release – London, February 9th 2018. Icon Solutions, the leading provider of financial technology solutions and real-time payments expertise, today announced a new partnership with Digital Control Room (DCR), an independent RegTech software company specialising in providing governance risk, and compliance software solutions.
In May, the European General Data Protection Regulation (GDPR) will come into force across Europe, replacing existing national data protection regulations. With the deadline looming most organisations are increasingly aware of their obligations and the swingeing penalties that they face for non-compliance. However, analysis of Icon’s clients led the company to believe that most financial organisations are viewing these changes as just another regulatory demand, with little time to acknowledge the opportunity that GDPR presents to improve internal systems and client service levels.
In response to this, Icon and Digital Control Room partnered to codify their extensive combined knowledge of the banking domain – embracing data governance and large scale institutional regulatory transformation – into The GDPR Integrator, a SaaS GDPR Platform. The product has been designed to specifically address the data challenges faced by the financial sector, based on often complex and ageing IT systems, large fragmented data sets and specific commercial needs to retain and generate new clients in light of the challenges presented by open banking.
The GDPR Integrator simplifies the compliance and remediation process for Financial Institutions, with a domain-tailored approach that delivers a demonstrable and defendable Plan. The detailed Plan enables organisations to prove to regulators, internal stakeholders and corporate customers, that the bank is actively working towards GDPR compliance and longer term architectural simplification. The combination of Digital Control Room’s subject matter expertise and Icon’s deep sector knowledge, ensures that The GDPR Integrator provides a pragmatic response to a complex regulatory requirement by helping clients to achieve compliance – while also future proofing their systems and processes, thereby turning GDPR into a valuable opportunity to streamline operations.
Darren Capehorn, Icon’s Director of Services comments:
“It’s rare to find an organisation like Digital Control Room whose depth of knowledge in their domain and their approach of codifying that into a best of breed solution, so closely matches our own. We believe that the collaboration between us has created a unique GDPR solution specifically tailored to FIs. The GDPR Integrator is a revolutionary response that is designed to both identify areas of potential concern and create a clear plan of action to ensure that the risks are mitigated and ultimately removed. All while enabling the organisation to continue operating business as usual. Additionally, Financial Institutions need to consider that the downside of non-compliance is not only substantial financial penalties but also poor PR which can have serious impacts on share price and brand degrading.”
Stephen Hickey, Digital Control Room’s Managing Director comments:
“Icon Solutions has a strong track record in providing technical solutions to global financial institutions and we are delighted to be working together. This new relationship cements Icon Solutions’ commitment to ensuring their clients are equipped to deal with new and future regulations and to simplify the process involved.”