Data protection has always been important; it’s now becoming urgent. The EU’s General Data Protection Regulation (GDPR) should not be taken lightly. Organizations that fail to comply could face high fines, civil actions, and damage to their reputations, while those that use their GDPR program to spur a broader data transformation may be able to capture additional business flexibility and value. These are compelling reasons to treat the new regulation as a high priority for the whole organization and not just as a compliance issue.
Kayvaun Rowshankish and Alexis Trittipo explore the extent to which firms have addressed the regulation (the deadline being imminent) and how they might build further sustainability into their capabilities, especially through the use of AI and other innovative technologies. They also detail the impact of GDPR on organizations’ analytics strategies.
Kayvaun Rowshankish is a partner in McKinsey’s New York office and a leader in both Digital McKinsey and McKinsey’s Risk practice, where he serves all types of financial services firms, including universal banks, investment banks, securities firms, regional banks, asset managers, and financial-market infrastructure players on a broad range of digital risk, finance, data, technology, and operations-related issues. Kayvaun, along with his data transformation teams, has had tremendous impact helping financial services firms realize new revenue opportunities, achieve far-reaching regulatory requirements (including GDPR), and enhance efficiency and effectiveness, accomplished through large-scale transformations that establish strategies and drive execution of initiatives to both address regulatory mandates and also surpass competitors with advanced risk and data capabilities. Such capabilities include the automation of CCAR, operations risk, compliance (for example, BSA/AML, KYC), and credit processes as well as designing and implementing data governance, data use cases, and data architecture at a rapid pace with groundbreaking levels of adoption and impact. He convenes leading forums on risk data and technology and leads much of McKinsey’s preeminent knowledge efforts on these topics, including annual benchmarking that spans over 100 banks globally. Kayvaun speaks regularly at industry forums, publishes, and is quoted in leading journals on these topics.
Alexis Trittipo is an associate partner in McKinsey’s New York office, where she is a core member of both the Financial Institutions practice and the Risk practice. Alexis serves global and regional banks on topics related to risk and regulation, resolution planning, and operational risk and compliance as well as a wider set of industries on risk and compliance topics, including GDPR. Alexis holds an MBA from the University of Chicago Booth School of Business and a BA from Northwestern University.
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