It is already announced that the General Data Protection Regulations or GDPR would be effective from May 25, 2018, across all the European Union members by making several consequences in all the major corporations around the globe. When organizations move to the implantation stage of legislation, they have to evaluate their current approach in data protection, make a gap analysis on current processes and added requirements per the latest legislation, and make necessary changes or advancements in data protection to be compliant with the new regulations by May 25. GoBuyside, a leading recruitment platform in fund management and financial sector, recently spoke about the changes expected with GDPR, especially in the fund management industry.
Base salaries and bonus payments for private equity and venture capital professionals have been rising steadily since 2014, averaging 6-8% increase for each consecutive year.https://t.co/CGKq9ISM9n
— GoBuyside (@gobuyside) February 6, 2018
According to GoBuyside, the new regulations are to ensure the personal data protection quite similar to the fundamental rights of individuals. In reality, it is a set of regulations based on the security obligations and principles of the data protection drive of the region. The bill asks the controllers to establish proper technical measures, organization mechanisms, and procedures that ensure data protection per GDPR as “default.” Additionally, the regulations also put a strong emphasis on accountability and transparency as well. It comes with additional regulation requirements such as documenting and analysis of data processing activities.
Also, both processors and controllers are held accountable and need to demonstrate the compliance. Contrary to the data protection regulations applicable now, GDPR targets non-EU entities that are operating or offering its services in Eurozone as well. Due to that, fund administrators, distributors, alternative investment fund managers, depositories, management firm, and investment fund companies have to follow the regulations to protect the personal data that covers investors, employees, and the respective officers. With the strengthening of data protection rule, each company is expected to have better control over their data flow along with greater insights.
GoBuyside is an advanced recruitment platform with special focus on hedge funds, private equity firms, advisory platforms, alternative investment managers, and more. It serves a significant percentage of Fortune 500 companies and helping them with the staffing needs around the globe. It has more than 400 clients and sourced candidates from more than 10,000 firms in its network. It provides its high-value recruitment services in 16 countries around the globe including the United States, China, India, the U.K, Germany, Canada, Mexico, UAE, Singapore, and more. Through its large pool of talents, GoBuyside filled more than 2000 client positions, per the latest data.