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How GDPR affects those working within a financial role

On the 25th May 2018, the new General Data Protection Regulation is due to come into effect through EU law. Despite the UK’s commitment to Brexit, any changes that come into effect with GDPR will remain in place and, quite possibly, be broadened in coming years.

For now, what this means is that businesses, importantly the financial professionals responsible for storing data, need to fully understand the upcoming changes and implement them as soon as possible.

Broadly speaking, this new legislation will act as a means to greatly strengthen the security of consumer data and bring the law up to date with the quickly advancing digital age. For those acting in a financial position, in any industry, it’s vital that you get to grips with the following changes.

1. Greater control is being given back to the consumers

The main purpose of GDPR is to give individuals as much control over their personal data as possible. As such, new legislation not only allows people to access data and move it, it also gives them control to erase it. What is classified as personal data has also been expanded to include internet cookies, DNA and IP addresses. Being able to move data when needed allows easier capabilities to switch service providers. If necessary, individuals will be able to utilise the “right to be forgotten”, whereby online data must be erased by businesses when requested.

2. Increase awareness and transparency in data collection

Many consumers are still unaware of exactly what constitutes their personal data, and when or not it is being collected. One step to improve this transparency is the removal of pre-selected tick boxes or default opt-out options on sign up forms. The idea is that these boxes can be misleading or are often ignored, meaning businesses should not presume to collect data from the outset.

3. Greater business accountability

It is being made perfectly clear that businesses should view privacy of customer data as of the utmost importance. Impact assessments will be required to ensure businesses are fully aware of the risks they face and how to deal with potential attacks. If there is a breach of security, it is vital that the Information Commissioner’s Office (ICO) is contacted within 72 hours and, if it’s a high-risk attack, customers must also be notified.

4. Greater monitoring controls

The power of the ICO will be extended to allow them greater ease in carrying out investigations and imposing relevant sanctions. The maximum fine they can issue is being increased from £500,000 to £17 million (or 4% of global turnover). There will also be an increase in the variety of offences that can warrant punishment, such as not properly anonymising data.

It is important that you understand the impact of GDPR for financial professionals, and that you ensure your company is acting within the law with regards to client data. When working for an organisation of any size, it’s natural for there to be data spread out across a number of different departments. Bringing your business up to speed with GDPR means knowing what data needs protecting and knowing how to properly do so. Luckily, we offer data solutions that would help to offset much of this difficulty, by bringing this data together and making it far easier to comply with new regulations. To find out more, get in contact today.

Predictive Analytics – Will It Change The Way We Plan?

In this age of big data and high-speed information processing, companies need a business intelligence (BI) solution to help them sift through the mountains of data produced every day. Tesco’s alone handles more than 1 million customer transactions every hour, just imagine how they process this data?

To make informed decisions, businesses use predictive analytics solutions to analyse data. To effectively process data, it is important that organisations use the best software programs that will suit their business model. Decisions that affect profitability or loss cannot be made without predictive analytics. So a careful selection process should be followed before choosing a software that will help your business grow.

A predictive analytics solution allows the user to embed advanced analytical and predictive capabilities into your companies’ business processes with the agility necessary to operate at the ultra-rapid pace of today’s business. And do it in a simple way, allowing business users to take the lead, without having to depend on an army of experts as necessary with the traditional data-mining and analytics products.

Advancements in predictive analytics will have implications beyond business’s technological capabilities. Organisations will meet new challenges in terms of skills, implementation and much more. How can business managers prepare for change?

  1. Policy changes that welcome predictive analytics solutions

If business intelligence and predictive analytics are to assume a central position in a managers toolbox, a few major hurdles will need to be overcome.

Although it is inevitable that predictive analytics solutions will be adopted en masse, the truth is that many executives are stuck in their old ways. Predictive analytics can help businesses make smarter and faster decisions, but managing data, people, and technology may require some implementation and policy changes.

  1. Companies must have access to high-quality data

Data is the greatest deterrent in the adoption of predictive analytics solutions within organisations. The quality of your data is a direct reflection on the type of business intelligence solution you adopt. High-quality data will be consistent in any format and will enable executives to make reliable decisions and forecasts.

  1. Recruiting and training for the right skills

Predictive analytics technology is growing in sophistication, and so must our skill level, but knowledge in the industry is not advancing at the same pace.

A Capgemini report discovered that 77% of companies view the lack of skills as the greatest hurdle to overcome for a successful predictive analytics transformation. Given its potential for use in every business function, it is an area that requires more training and expertise.

Predictive Analytics Leads to Effective Preventive Maintenance

Some companies use a preventive maintenance model to plug the gap caused by a downtime and the only way to identify these fault areas is by using a predictive model. Below are some of the benefits of a predictive and predictive business model.

  • Better asset productivity
  • Longer lifespan for operational asset
  • Improved efficiency from data analysis
  • Reduced business costs
  • Effective budgeting

For a preventive maintenance model to be effective, all relevant data must be captured and analysed. Hence a business intelligence and predictive analytics solution must be in place to ensure that the data captured is a true reflection of what the organisation is to expect.

Monaco Resources Chooses CFMS & Infor for Their Consolidation and Reporting Solution

CFMS are delighted to announce that Monaco Resources has chosen CFMS and Infor for their consolidation and reporting solution.

Global markets have become increasingly competitive. And at the same time, the pace of strategic planning is accelerating and driving the need for deeper, more effective information management. These changes have quickly outpaced traditional software’s ability to monitor and predict business performance.

Infor Dynamic Enterprise Performance Management (Infor d/EPM) offers intelligent business and financial performance management capabilities, so you can drive your overall business performance more effectively. With Infor d/EPM, users have greater insight, so you can make more informed decisions across your enterprise.

Monaco Resources Group is composed of divisions operating across the commodities sector focused on realising a consistent supply of product to its customers. Managed by leading industry experts and with offices across the globe core lines of business for Monaco Resources are metals & minerals, agribusiness, energy and logistics technologies.

CFMS Wins “2016 UK Jedox Partner of the Year Award”

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Jedox honours Business Intelligence and Enterprise Planning specialists at the Jedox Global Partner Summit in Berlin.

CFMS has been announced as the winner of the “2016 United Kingdom Partner of the Year Award”. CFMS was honoured among a global field of top Jedox Partners for excellence in providing trusted, innovative, and user-centric BI and Enterprising Planning Solutions built on Jedox Technology. The award was presented at the Jedox Global Partner Summit in Berlin.

“Year after year, CFMS continues to deliver outstanding Jedox solutions to clients in the UK. As one of our strongest partners overall, it is with great pleasure that we present this award for the outstanding work they have completed. It is with great anticipation and much hope that we look forward too strengthening our partnership in the future,” said Andreas Simon, Director of Sales EMEA, Jedox.

“Jedox and CFMS together create powerful solutions for companies seeking to simplify their planning, reporting and analysis” said Bernd Eisenblätterr, CSO, Jedox. “Partners like CFMS are setting the standard for innovation and making significant and valued contribution towards the joint international growth of Jedox and its partner ecosystem.”

The Jedox Partners award honours outstanding achievement and excellence in the Jedox Partner community. Award winners are recognised for their commitment to Jedox market development, their focus on customer satisfaction, and for achieving year-over-year sales growth.

Commercial Director at CFMS, Richard Keizer, added “The team at CFMS are delighted to accept this honour from our partners at Jedox. We would like to thank Andreas Simon, Bernd Eisenblätterr and many others at Jedox for their ongoing support.”