GDPR Reporting and Monitoring - General

Responsibilities for Monitoring and Reporting on GDPR Compliance

In the context of a peer-to-business lending platform regulated by the Financial Conduct Authority (FCA), adhering to the General Data Protection Regulation (GDPR) is paramount. Firms are responsible for ensuring that personal data is handled in compliance with GDPR principles, which include transparency, purpose limitation, data minimisation, accuracy, storage limitation, integrity, and confidentiality.

The above mentioned documents are available in the Sharepoint Compliance Folder

Monitoring Responsibilities:

1. Data Inventory and Mapping: Firms must maintain an up-to-date inventory of the personal data they process. This involves mapping data flows, identifying data sources, and documenting the purpose of data collection and processing activities.
2. Regular Audits: Conducting regular audits of data processing activities is essential. These audits help to identify potential risks, compliance gaps, and areas for improvement in data protection practices.
3. Training and Awareness: Ensuring that all employees are trained in GDPR principles and data protection policies is crucial. Regular training sessions should be conducted to reinforce awareness and responsibility regarding data handling.
4. Data Protection Impact Assessments (DPIAs): For high-risk processing activities, firms must carry out DPIAs to evaluate the impact on individuals' privacy and to implement necessary safeguards.

Reporting Responsibilities:

• Data Breach Notification: In the event of a data breach, firms are required to report the incident to the Information Commissioner’s Office (ICO) within 72 hours. Additionally, affected individuals must be notified if there is a high risk to their rights and freedoms.
• Accountability and Documentation: Firms must be able to demonstrate compliance with GDPR. This includes maintaining detailed records of processing activities, consent obtained, and measures taken to protect personal data.
• Engagement with Regulatory Authorities: Firms should maintain open lines of communication with the ICO and other relevant regulatory bodies. This includes submitting reports on compliance efforts and being proactive in addressing any concerns raised.

By fulfilling these monitoring and reporting responsibilities, firms not only comply with GDPR but also enhance trust with their customers, investors, and regulatory bodies. Continuous commitment to data protection is essential for the long-term success and credibility of any peer-to-business lending platform in the UK.