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Privacy in Financial Services - Stature and Sustainability in the Information Age

Based on a survey of 100 privacy executives across North America and Europe, our 2020 Privacy Study finds that financial institutions continue to carry significant residual privacy risk following recent changes in regulatory focus and lack a plan to deliver a sustainable operating model. Download the full report to learn more: https://accntu.re/2UOaju8

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Privacy in Financial Services - Stature and Sustainability in the Information Age

  1. 1. STATURE AND SUSTAINABILITY IN THE INFORMATION AGE PRIVACY IN FINANCIAL SERVICES 2020 PRIVACY STUDY
  2. 2. Based on a survey of 100 North American and European privacy executives, our study highlights that financial institutions continue to carry significant residual privacy risk. • New consumers rights regulations add pressure and may expose organizational cracks. • Risks associated with data and privacy breaches have seen the second-biggest increase in perceived impact: 55% of financial services firms say they have a greater impact today than they did two years ago.* Privacy regulations are changing, but are financial services firms prepared? *Accenture 2019 Global Risk Management Study - Financial Services Report.
  3. 3. Joining the dots with security and data is critical for effective privacy controls. Leverage privacy data to capture a broader value proposition. Key findings The privacy function is gaining stature, not just visibility. Bold moves required to accelerate the journey for privacy.
  4. 4. GAININGSTATURE, NOTJUST VISIBILITY
  5. 5. • Privacy has evolved rapidly in wake of the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), various data breaches, and the recognition of the growing value of data. • Privacy is now a holistic topic encompassing consumer rights as well as compliance. It’s time for the privacy function to mirror the post-crisis rise of compliance. of Privacy study respondents consider privacy a key material risk. 70%
  6. 6. • Every individual in every institution can have an impact on the whole enterprise. • This shifts accountability to the “first line of defense.” • New approaches and technologies should be widely deployed (such as automation tools to drive data discovery). Privacy risk is broad-based. Over half of study respondents identify privacy risk monitoring as a key residual risk.
  7. 7. JOININGTHEDOTS WITHSECURITY ANDDATA
  8. 8. see records and information management as a major residual risk. Effective delivery of privacy controls requires orchestration across the enterprise. Information security and data management have been partners for years, but… of financial institutions surveyed organize privacy, information security and data management separately. Now, operations, marketing and procurement all become part of the day-to-day network of privacy-related functions. But respondents are worried about the effectiveness of controls over multiple teams. +70% 41%
  9. 9. Financial institutions should be able to implement “Privacy by Design”. Deployment of new technologies Depersonalization of data Disposal of data on request Collaboration on cybersecurity “Privacy by design” emphasizes privacy as a key consideration of customer journeys. It touches on:
  10. 10. What to expect next in security and data? More operational compliance risk in the wake of changes to governance structures, new business processes and new technologies. More regulatory flux, especially in the United States. New privacy risks to emerge with broader use of artificial intelligence and machine learning. More resources to be made available.
  11. 11. CAPTURINGA BROADERVALUE PROPOSITION
  12. 12. Over Three-quarters said they are willing to share data in return for benefits such as personalized offers and better pricing.2 73 percent said they would share data if the companies they share with are transparent in how they use the data.3 Accelerating speed of business compounds privacy security and data risks – but also presents opportunities. What our previous financial services consumer research found: 70 percent of respondents said they will not do business with companies that cannot keep their personally identifiable information safe.1 70% +75% 73% 1 ”2018 Global Consumer Pulse Research,” Accenture 2 “2019 Accenture Global Financial Services Consumer Study.” 3 ”Accenture Interactive’s 2019 Consumer Pulse Survey.”
  13. 13. • Firms should first look at how other industries do it. • But they should not make customers uncomfortable. • Using online behavior in one channel to make personalized offers on another might cross a line. • Ethical risks abound, especially with artificial intelligence (AI) in play. • Privacy programs should be integrated with broader customer value propositions. Financial institutions that understand how customers value data privacy can differentiate themselves competitively. 72 percent of Privacy study respondents said their organizations use consent to tailor customer-facing products and services.
  14. 14. BOLDMOVES REQUIREDTO ACCELERATETHE JOURNEYFOR PRIVACY
  15. 15. Privacy function faces rising stakeholder expectations. Additional expectations come from the increased resources being made available for the function. Capturing the broader business opportunity while establishing the stature of the Privacy function and communicating expectations of other stakeholders requires clarity of strategy. 76 percent of respondents expect to receive additional funding for Privacy over the next 12 months. Yet 1 in 3 Privacy Study respondents lack a roadmap to address their residual privacy risks. 76%
  16. 16. cited privacy risk monitoring. Which privacy risks would require the most effort to remediate? cited records management and data retention / deletion. said the accuracy and maintenance of records processing / information asset registers. 51% 44% 41%
  17. 17. Chart a bold, sustainable path forward. This calls for leaders who have been through similar experiences in compliance and information security – with the vision and skill to drive concerted action by multiple stakeholders. It is also important to look outside the organization, as the environment is changing rapidly. Privacy executives should look beyond just compliance and focus on elevating the customer experience. Privacy needs a control framework that reflects the risks prevalent in the Information Age while recognizing the importance of delivering value to the business. Coordination with peer leaders and industry forums is essential.
  18. 18. Managing Director Accenture Finance & Risk www.linkedin.com/in/ben-shorten- 41b01a5b/ Director Accenture Finance & Risk https://www.linkedin.com/in/dino- landingin-6138636/ Senior Manager Accenture Finance & Risk www.linkedin.com/in/umerhamid/ Readytomove yourprivacy functionforward? www.accenture.com/PrivacyStudy Download the 2020 Privacy Study Ben Shorten Dino Landingin Umer Hamid
  19. 19. Copyright © 2020 Accenture. All rights reserved. 19 Accenture 2020 Privacy Study Privacy in Financial Services: Stature and sustainability in the information age About the Study The Accenture 2020 Privacy Study was based on a survey of 100 privacy executives at banks, insurance companies and capital markets firms across North America and Europe (Canada, France, Germany, Italy, Spain, Switzerland, U.K. and U.S). The survey was conducted by Accenture Research in December 2019 and January 2020. About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network —Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 509,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.

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