Questions and Answers
What is the consumer's right regarding Personal Data sharing with Authorized Agents and third parties?
What is required for Authorized Agents' access to customer's Personal Data?
What must legal contracts with Authorized Agents include?
What is the responsibility of Authorized Agents in case of significant data breaches?
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What measure must be taken when sharing and retaining Personal Data outside of the Bank's own network?
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Who is responsible for ensuring outsourced technology meets security standards?
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What is a key aspect of access rights management in the context of data protection?
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Which of the following is a requirement for the outsourcing service provider in case of a data breach?
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What is the obligation of the Licensed Financial Institution regarding the actions of Authorized Agents?
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What is a critical aspect of outsourcing contract management?
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What must be done to outsourced technology using or retaining Personal Data?
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Which of the following is a measure to detect, react to, and recover from data security incidents?
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What is a key consideration in personal data sharing?
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Who is responsible for drafting policies to ensure data integrity, confidentiality, and accessibility?
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What is a requirement for the outsourcing service provider in the context of data protection?
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Which of the following is a control relating to data protection in outsourcing agreements?
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What is essential for GSU to maintain an outsourcing register?
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What is a responsibility of the Authorized Agent in Outsourcing Contract Management?
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Under which circumstances might previous audits and assessments be shared?
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What is not a responsibility related to Outsourcing Contract Management?
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What might be requested by Operational risk and Compliance departments?
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What is not a aspect of Personal Data Sharing in Outsourcing Contract Management?
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Study Notes
Consumer Rights
- Consumer has the right to withdraw consent at any time regarding Personal Data sharing with Authorized Agents and third parties for purposes such as sales and marketing.
Sharing with Authorized Agents
- Authorized Agents must meet the fit and proper policy regarding Data management and protection, including secure handling procedures and proper controls.
- Access to customer's Personal Data by Authorized Agents must be properly authorized in writing, regularly monitored, and appropriately restricted in line with the purpose of the access given.
- Legal contracts with Authorized Agents must include provisions for safeguarding confidentiality of Personal Data and prohibit unauthorized disclosure.
- Authorized Agents must report significant breaches of Personal Data to the Data Management and Protection Function.
- Personal Data shared and retained outside of the Bank's own network must be suitably encrypted and transferred securely.
Contract Provisions
- Contracts with Authorized Agents must include provisions for:
- Confidentiality, privacy, and security of information
- Default arrangements and termination provisions
- Liability, indemnity, and insurance
- Compliance with anti-money laundering and combatting the financing of terrorism laws and regulations
- Start and end date of the agreement, and provisions for reviewing, renewing or terminating the agreement
- Dispute resolution arrangements
- Whether subcontracting is allowed and under which conditions
- Protection of Bank's and its customers' data handled as part of the agreement
- Requirements for the outsourcing service provider to notify the Bank of any breach of the Bank's data
Data Protection Controls
- Information Security is responsible for drafting policies that ensure data integrity, confidentiality, and accessibility, covering:
- Access rights management
- Protection against digital and physical attacks
- Protection of the integrity of data
- Audit trails
- Measures to detect, react to, and recover from data security incidents
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Description
Test your understanding of data protection regulations in the financial industry. Learn about consumer rights, data sharing, and authorized agents.