In a context of increasing regulation followed by a necessary and growing need of compliance, finance and technology experts gathered at ICT Spring to exchange about the latest trends, share their best practices and discuss RegTech innovation.
The session was moderated by Geoffroy de Lamalle (Founder and CEO of eProseedRTC) who first gave the stage to Nasir Zubairi (CEO, LHoFT) and Marc P. Bernegger (Member of the Board, Crypto Finance Group) for a fireside chat. The discussion kicked off with Mr. Bernegger's background and his passion for entrepreneurship, which he called "the secret ingredient for success". "Timing is key element: sometimes passionate founders have great ideas but it can be too early. Also, it requires a full commitment," he added.
"Going the Last Mile of Digitization – the Ecosystem of Digital Trust" was the name of the presentation given by Pascal Rogiest, the CEO of Luxtrust. "Our goal is to build a digital ecosystem. User experience and security are needed, but at Luxtrust, we believe that trust is the key element. It is the enabler of going to the last mile of digitalization," he explained. Also, with the future implementation of GDPR, wild exchange of data won't happen anymore. Therefore, a robust system is needed, to make sure that there is a person in control behind it. He concluded: "Luxtrust is going further, working on trusted digitalization, notably through the creation of an identity platform, an ecosystem of personal data re-use by leveraging eIDAS, PSD2 and GDPR".
Eliad Saporta (Managing Director, Coriunder) came all the way from Israel to share his technical knowledge. He took the stage and focused on the AAS (As-A-Service) evolution, stating that services are needed to launch a company nowadays, starting with PaaS, IaaS, SaaS, etc. He also described the Backend-as-a-Service which he sees as a big shift in resources management, Payment-as-a-Service and the upcoming GDPR-as-a-Service. "All these services have one thing in common: they focus on adding value to customers," he concluded.
Also from Israel, Izhar Arieli (CEO, Scannovate) gave a presentation entitled "Identity, Compliance and everything in between". "Banks are service providers as they manage money and identity, which gives them a big power. But now, you can enable other service providers to use your infrastructure," he started. In this respect, identity is to become the biggest asset for banks and companies in general. According to him, compliance is a challenge as it is difficult to implement and automate regulatory requirements in real-time, notably. He concluded: "Innovation is a mindset, if you don’t use it in compliance you will lose the battle. Compliance and identity management therefore needs to be dynamic and change over time".
Master of ceremony Mr. De Lamalle also welcomed Beatrix Barafort (Group Leader, LIST) who shared her GDPR compliance best practices. "GPDR is a great opportunity for companies to regain the trust of their clients. A new approach is needed," explained Mrs. Barafort. The regulation aims at protecting fundamental rights and freedoms of natural persons and in particular their right to the protection of personal data. It also put emphasis on privacy (spanning from intimate matters, to the "rights to be left alone", and the protection of one’s identity), autonomy (natural persons should have control of their own personal data), transparency (agreement to the processing of personal data relating to the data subject) and non-discrimination (recognition that the collection and processing of data should be carried out in a manner that prevents discriminatory effects on persons). LIST notably worked on a collaborative project with the CNPD, Digital Luxembourg and eProseed and created a software tool which helps companies to continuously assess themselves. It also allows companies to manage documents of proof and demonstrate their accountability while providing internal reporting and visualization for governance.
The day ended with Geoffroy de Lamalle providing more information on the tool jointly developed by LIST and the CNPD, which enables users to assess the compliance of their organizations, with more than 350 regulatory requirements covered. "It records of all processing activities together with all supporting documentation, monitors the evolution of the level of coverage," added Mr. De Lamalle. User-friendly, the tool is available in three distinct visions and allows the evaluation of each dimension of the company.
Photos: Dominique Gaul
Publié le 18 mai 2018