Ascent’s GDPR Channel will Facilitate Compliance with New Data Protection Law
Ascent Technologies, a leading regulatory technology (regtech) company, released a new regulatory channel today covering the EU General Data Protection Regulation (GDPR).
The GDPR is designed to harmonize data privacy laws across Europe and will be enforced as of May 25, 2018. The regulation has a broad scope: it applies to any company that processes the personal data of people residing within the EU, regardless of that company’s location.
“GDPR has stringent new privacy requirements that will be closely monitored and enforced,” said CEO and co-founder Brian Clark. “Ascent’s GDPR channel gives customers the precise actions and tools they need to be in compliance.”
Any organization in breach of GDPR can be fined up to €20 million or 4% of annual global turnover, whichever is greater. Faulty recordkeeping alone can lead to fines of €10 million or 2% of annual global turnover. Ascent’s platform, however, provides a complete system of record, thereby avoiding the risk of recordkeeping fines.
Ascent uses AI and NLP to transform raw regulatory data into discrete actions for compliance departments. Ascent analyzes millions of data points from rules and documentation and works with customers to create a customized end-to-end regulatory process. For each customer, Ascent produces custom workflows, documentation, and compliance manuals uniquely tailored to the specific requirements of each firm. As regulators update their rules, each customer’s regulatory ecosystem is automatically updated through Ascent’s platform.
Learn more about Ascent’s regtech solutions at www.ascentregtech.com.