Connect with us

Top 10

DEAL OR NO DEAL, GDPR REMAINS RELEVANT

Published

on

By Austen Clark

 

With the clock ticking down until Brexit finally becomes a reality, there remains much confusion, puzzlement and mixed messages about the what life will be like in the UK after we quit Europe.

 

I have no crystal ball to predict what impact Brexit will have on the nation – but I can safely say that the EU’s General Data Protection Regulation (GDPR) directive has helped organisations take a serious look at how they handle personal data, and to act accordingly.

 

That is no bad thing. The UK’s withdrawal from the European Union isn’t going to change the need in having high principles when it comes to handling people’s personal data.

 

At the time of writing, I don’t know what – if any – kind of deal the UK is going to leave Europe with come March 29. With so much discussion and debate over Brexit, it’s hardly surprising the question of whether UK organisations will remain under the jurisdiction of GDPR has again raised its head.

 

Before GDPR became into effect, on 25th May last year, there was a degree of uncertainty in some quarters over whether UK businesses would need to comply given the ongoing negotiations on Brexit.

 

Some business commentators speculated that given the UK had initiated Brexit, GDPR compliance would not be required.

 

Back then the Queen’s Speech made it clear that the UK would be adopting all of the GDPR requirements, further committing to the UK remaining “world class” in terms of its data protection regime.

 

So GDPR is very relevant. The UK is severing its links from the EU’s legal framework, but it continues to stand by GDPR meantime. Brexit is no ‘get out clause’; UK companies that wish to continue to do business with the EU after Brexit will need to comply with the Regulation to avoid infringements.

 

Think of what I call the ‘wider reach’ of GDPR. Organisations quite rightly want to continue trading with as little disruption as possible and those that are GDPR-compliant can show they have the correct measures in place to protect their customers’ personal data and have the adequate level of protection required.

 

We may live on an island, but the global economy means that commerce stretches beyond shores and borders. Organisations all over the world have EU citizens as customers and they need to regard their legal obligations in order not to flout the regulation.

 

So the EU’s GDPR will continue to apply to UK companies that collect or process data relating to EU residents post-Brexit. GDPR has been a good thing, bringing in tighter data protection procedures and charting the way towards a stronger regime.

 

UK businesses with EU clients will continue to have a responsibility to have stringent rules on personal data – and complying with GDPR has put them in that position. So whether it is GDPR or a similar law that follows, the need to protect personal data will remain.

 

Remember, the plus points of GDPR are many – better-defined data subject’s rights, the ability to exercise more control over how, when and why their personal data is being used, the opportunities to file complaints when necessary with pre-defined authorities or employees of the companies.

 

Deal or no deal, there will be no immediate change in the UK’s data protection standards – The Data Protection Act of 2018 is still in place, and the EU Withdrawal Act would incorporate the GDPR alongside it.

 

What is more, businesses that are already GDPR compliant can evidence that they have relevant measures in place to protect customer data.

 

The ICO has published guidance and practical tools to help organisations understand the implications and to help plan ahead for life after Brexit.

 

It can be viewed here:

https://ico.org.uk/for-organisations/data-protection-and-brexit/

For those who may still be in doubt, my advice is to refer to your IT services trainer and provider.

Clark Integrated Technologies has helped organisations become GDPR compliant, find out more visit www.clark-it.com

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top 10

DOGECOIN MADNESS

Published

on

By

by Nathalie Janson, Associate Professor at NEOMA Business School

 

After the unstoppable increase of Bitcoin (BTC) since January – it added 10 000$ to its price every month since January reaching 60 000$ in April 2021  – it is now the turn of the Dogecoin to be the next cryptofrenzy.

This crypto created in three hours by Billy Markus as a joke to make fun of the Bitcoin community back in 2013 had no specific use except federating crypto geeks sharing the same sense of humor. Its capitalization quickly reached 60 million USD back then. This is why until Tuesday, April 13th 2021, its price was closed to 0 since cryptos value derives from their usefulness.

The Dogecoin belongs to the family of Altcoins using proof of stake to validate transactions – more flexible and fast compare to Bitcoin and Ether based on proof of work – but essentially not as decentralized and secured.  So far Dogecoin has mainly been used for  tipping creators of content or more interestingly to noble causes. These include raising funds for the bobsleigh Jamaïcan team to send them to the Winter Olympic Games in 2014, paying back victims of Dogecoin hack in the early days after its creation,  and raising funds to provide access to drinkable water in Africa.

 

Dogecoin… a billionaire maker joke

How comes the DogeCoin price surged in such irrational manner? Is this move another proof of market madness? A sign that we might be close to the next burst of the crypto bubble? Who knows? … Why is it so difficult to understand the pricing dynamic of cryptocurrencies?  You might think that what we experienced is the paroxysm of futility. In a week, some Dogecoin holders become billionaires, the price of the Dodge coin increasing from almost 0 to 43 cents at its highest. How mad that sounds? Similar to what happened to Gamestop, we are dealing with a community with a strong identity – the Dogecoin joined by new members like Snickers – the sweet bar and more importantly by Elon Musk – who wants to set a record and claiming April 20th being DogeDay with the clear goal to push Dogecoin up to $1. They are encouraging each other to buy more of the coins. Given the limited size of the market dominated by “whales” – five “whales” are said to control 40% of the market – the increase in purchases of Dogecoin leads to significant rise in price given the low liquidity.

The Dogecoin case is an emblematic case showing how subjective value is in economics. Indeed, like Bitcoin, the price of Dogecoin only depends on its acceptance that in itself depends on the size of its network that suddenly increased.

Why now? First, Elon Musk started to show his interest in the Dogecoins by tweeting about it. Why does Elon Musk opinion matter? Because he symbolizes the success story of a man who is a visionary. After all, if Elon Musk invests in Bitcoin and supports Dogecoin it must be for a reason, and he may be right like he has been right about the industrialization of electric cars as the success of the Tesla demonstrates. He performs a role similar to leading investors in traditional financial markets like Warren Buffet.

Secondly, the Coinbase initial public offering contributed to a rally in the cryptocurrencies market, with no exception for the Dogecoin. Over the week-end, the major cryptocurrencies – BTC and Ethereum dropped for technical reasons due to a sharp decrease in the hash rate after an electricity shortage in the Xinjang province in China. When that happens, it usually benefits altcoins.

More broadly speaking, the crypto market is frenetic since the beginning of the year. This frenzy is a symptom of a global economy that is still suffering from severe restrictions in some activities but at the same time is also experimenting acceleration in others. Combined with overgenerous monetary policy feeding liquidity in search of profitability away from traditional markets because of low interest rates and over rated stock markets, this is a perfect combination for investors to try anything new to boost their portfolio return if you add on the top of that, growing concerns about the return of inflation in the US.

In this context how long will the Dogecoin rally last? This essentially relies on the determination of its fans to support it but after a while, it will need to be more than a symbol!

 

Continue Reading

Business

TOP TIPS FOR BOOSTING YOUR CASH FLOW AND BUSINESS IN 2021

Published

on

By

Ian Gass, CEO at Agitate

 

Many small businesses are still dealing with the disruption caused by the pandemic. Improving financial performance is most likely to be at the top of agenda, and a good place to start is reviewing cash flow. No matter what the product or services a company provides or the size of the business, cash flow still remains king.

Research has shown that 38% of small business owners who have suffered cash flow problems have been left unable to pay debts. With 1 in 7 small business owners having been left unable to pay employees because of cash flow issues, this equates to a huge 2.2 million people in the UK not being paid on time.

 

The importance of positive cash flow

Profit has traditionally been seen as the most important measure of an organisation’s financial performance. However, the focus is increasingly shifting from the income statement to the balance of cash inflows and outflows. Prioritising profit levels reflect long term fiscal health, but it does not necessarily mean that a business can pay its bills on time and survive in the short term.

Ian Gass

Sudden drops in demand prove how keeping an efficient cash flow balance is essential, and can expose shortcomings of currently used solutions. When reviewing your cash flow, you need to look at ways to get more money coming in and better manage the money that is going out. Here are a few ways to improve cash flow management and see positive changes in a short period of time.

 

  1. Efficient forecast

It is important to be able to compare actual income and expenses with those that are in the pipeline, as it helps to determine which area of business is under performing or generating unnecessary costs. Start by looking at your projected income and expenses for the next three months, don’t wait until you receive a bill to realise there are not enough funds to cover it. An easy way to overcome this issue is a free cash flow template available online.

 

  1. Terms and Conditions review

Making sure that T&Cs are clear and comprehensive not only provides your business with a protective layer, but also makes customers understand when and how the payment is expected, and the process and penalties for late payments. That’s why regular checks and reviews of existing agreements prevents businesses from potential loses. It is also good to use reward tactics to encourage customers for prompt or early payment such as discounts or free shipping.

 

  1. Payment terms

Payment terms that are understandable and realistic is clear T&Cs in place. As it creates a contract with suppliers and obliges the organisation to pay on time, it is important to match these terms wider operation processes. For instance, if you have 14 days to pay your suppliers, but your customers get 30 days to pay you, a problem of late payments will be inevitable. To avoid damaging relationships with suppliers, you should consider an extension of the terms or reducing the credit period for your clients. It is worth taking deposits, asking for payment in advance or on receipt.

 

  1. Invoice management

Another method that can quicky improve cash flow is sending invoices promptly and ensuring they are accurate. Any mistakes will simply require queries to be resolved and it will take longer to receive payment. In addition, it is important to remain persistent at following up late payments and moving the money to the bank as soon as possible. Some clients will always need chasing and, without a follow up, they will hold on to the cash as long as possible.

 

  1. Payment options

Making it easy for clients to pay gives businesses the best chances of being paid quicker. While accepting card payments might be common place, there is a high risk of fraud. For example, in 2019 £620.6m was lost in card fraud in the UK. Also, it can be expensive to process and often leaves an organisation to wait days to receive the funds. Using a free bank-to-bank payment app means businesses can send payment requests from mobile phone straight to customers via email or messaging app (such as WhatsApp).

In that case, the consumer will receive a message with all the information they need to make the payment instantly. They click the secure ‘Paylink’, which directs them to their online banking app and all the relevant information is displayed such as your name, the amount to be paid and a reference. The transaction needs then authorising with their bank and the money moves instantly from their account to yours.

 

  1. Cost reduction

If there is too much money going out that a company can’t afford, business owners need to think of ways to reduce those expenses. There are a few questions to help understand where money can easily be dislocated:

Is there software or equipment that you are paying for that you don’t use? Can overhead costs such as utilities and administrative expenses be reduced? Are card transaction fees putting an unnecessary pressure on cash balance? If so, it can be eliminated with a bank-to-bank payment app.

Although profit might be seen as the ultimate goal for companies of all shapes and sizes, sustaining positive cash flow provides vital foundations on which a company can grow. By using the right tools, business owners can not only get paid faster and more securely, but also improve customer experience, reducing the transaction to a quick QR scan. Making a few smart changes to the existing balance sheet can have a big impact and future-proof an organisation in no time.

 

Continue Reading

Magazine

Trending

Top 109 hours ago

DOGECOIN MADNESS

by Nathalie Janson, Associate Professor at NEOMA Business School   After the unstoppable increase of Bitcoin (BTC) since January –...

Business9 hours ago

TOP TIPS FOR BOOSTING YOUR CASH FLOW AND BUSINESS IN 2021

Ian Gass, CEO at Agitate   Many small businesses are still dealing with the disruption caused by the pandemic. Improving financial...

Wealth Management9 hours ago

WHY COMPLICATED INCOME STRUCTURES SHOULDN’T PREVENT HIGH NET WORTH INDIVIDUALS FROM INVESTING IN PROPERTY

Mike Coates, Founder and CEO of Commercial Expert   An investor’s preference is usually to split their investment across different...

News10 hours ago

ENTRUST INTRODUCES ADAPTIVE ISSUANCE™ PRODUCTION ANALYTICS SOLUTION TO OPTIMIZE CARD ISSUANCE OPERATIONS

The new solution provides intelligent, data-driven insights to card issuers with Central Issuance systems for improved and timely management decisions...

Technology2 days ago

OPTIMISING DIGITAL EXPERIENCE IN AN INTERNET-RELIANT FINANCIAL SECTOR

Tony Finn, EMEAR Lead, ThousandEyes   It would be unfair to say that the events of the last year have...

Finance2 days ago

CAN THE CLOUD REVOLUTIONISE FINANCE?

By Walter Heck, CTO, HeleCloud    The scale of the Cloud revolution that businesses have gone through over the last few...

Business2 days ago

BRIDGING THE DIGITAL EMPLOYEE EXPERIENCE GAP

Matthew Sturman, senior technical consultant, AppLearn   While the financial sector was arguably some way along the digital transformation curve...

Business2 days ago

6 TIPS FOR KEEPING DATA SECURE WHEN WORKING FROM HOME

Tim Bandos, CISO at Digital Guardian   The importance of data in the financial sector has grown exponentially in recent...

Top 102 days ago

SOFTPOS: EVERYTHING KEY PLAYERS NEED TO KNOW ABOUT DEVICES

By François Drouard, SLM Terminal & Mobile and Emmanuel Desdoigts, Project Manager at Fime   SoftPOS solutions harness untapped potential...

Wealth Management2 days ago

WHAT DOES RETIREMENT MEAN TO YOU?

By Gary Fisher, Head: Member Education Services and Individual Consulting at Alexander Forbes   No matter your age or current...

Business3 days ago

HOW AN OUTDATED PROCUREMENT PROCESS WILL IMPACT CUSTOMER RETENTION

Never before has the business world been held to ransom by an invisible and yet totally disruptive force. We are,...

Technology3 days ago

DIGITAL TRANSFORMATION FOR FINANCE: LEADING WITH SAAS AND COLLABORATION TOOLS

Gary Duggan, VP Technology Solutions EMEA at Riverbed Technology   Throughout the pandemic, software as a service (SaaS) and collaboration...

Finance3 days ago

PREPARING YOUR HEDGE FUND FOR THE MODERN CYBERCRIMINAL

By: Simon Eyre, Head of Europe, Drawbridge   The familiar adage that “every organization is a target” when it comes...

Business3 days ago

UK READY TO SPEED UP THE DIGITAL TRANSFORMATION REVOLUTION

More than half of businesses set to accelerate projects due to pandemic British business is set for a digital revolution...

Finance3 days ago

ADAPTING YOUR ATTITUDE TOWARDS MONEY AS YOU AGE

By Buhle Langa, financial well-being consultant at Alexander Forbes   Much of financial wellbeing begins with the choices that we make...

News3 days ago

DELOITTE: 61% OF EXECUTIVES, DOUBLE PRE-COVID 19 LEVELS, FOCUSED ON TRANSFORMING WORK

Amid unprecedented workforce disruption from the COVID-19 pandemic, organizations are enacting radically new ways of working and operating – and the...

News3 days ago

FINCAD ANNOUNCES COMPREHENSIVE BOND DATA AND ANALYTICS SERVICE

Combines Market-Leading Derivatives Analytics Services with Data and Insight on Fixed Income Securities In One Simple Solution FINCAD, a pioneer...

News3 days ago

ALVEO ANNOUNCES NEW ESG DATA MANAGEMENT CAPABILITY TO HELP MEET SFDR REQUIREMENTS

Alveo, a leading financial data management solutions provider, announces new environmental, social and governance (ESG) data management functionality. The new functionality...

Business3 days ago

THE FUTURE OF REGULATION IS UNFOLDING IN YOUR UNSTRUCTURED DATA

By Simon Cole, CEO at Automated Intelligence.   When you picture the future of finance, what do you see? The...

News4 days ago

AGILE LEADERSHIP: HOW TO CLOSE THE ‘KNOWING-DOING’ GAP

Almost all organisations are looking for faster, smarter ways to deliver their mission critical programmes and/or recovering programmes that have...

Trending