1. Swedbank’s view on GDPR: challenges and opportunities
Liene Šulce-Rēvele, Lawyer and Data protection Area Legal Coordinator in Baltics, Swedbank

2. GDPR brings along challenges, but provides gains too1.
Develops your relations with customers on another level – brings along more transparency and trust;
Makes you review and improve cooperation with different external partners; 2.
Improves existing information security standards; 3.

3. Gives the opportunity to evaluate the quantity, quality and relevance of the stored data and clean the data basis; 4.
Levels up your employees’, customers’ and other stakeholders education about the privacy. 5.

4. Challenges:
GDPR interaction with other EU and national regulations - the balance and proportionality affected, also the scope (like PSD2, AMLD4). Communication challenges. Heavy burden from regulation perspective. 1.
Amount of data and expected level of data mapping – challenging from safeguarding adequate resources perspective. 2.

5. Lack of good market and supervising practice on data portability, data subject rights implementation, consents vs legitimate interest etc.
Consequences: different local interpretations cause extra complexity and costs, especially for multinational companies; the level playing field and country’s competitiveness are threatened. 3.

6. Recommendations: 1.
To develop the industry guidelines and joint communication messages towards customers;
Be active in cooperation with data protection authorities to proactively eliminate misunderstandings and different interpretations; 2.
To timely and transparently communicate the privacy matters to employees and customers = hygiene factor; 3.

7. Mapping of personal data and understanding the actual need for data processing - the basic activities to start with; 4.
Good data privacy is a huge business benefit – it builds trust, transparency and creates new opportunities! 5.

8. Thank you! liene.sulce-revele@swedbank.lv