GDPR and Development of Best Practice Standards for International Credit & Collections

The Global Credit Solutions (GCS) Group held its 2018 World Conference in Strasbourg, France from 24-26 Oct 2018.

Benedict Wong, Founder and CEO of TOTAL Credit & Risk Management Group; Founding & Past Chairman (2000-2010) and current member of the Executive Committee of HKCCMA attended the conference as a representative of HKCCMA on behalf of its Chairman.

One of the core issues discussed centred around the increasingly demanding international regulatory environment, especially with the introduction of the Global Data Protection Regulation (GDPR) in May 2018.

A roundtable held on the last day of the conference, in which Benedict Wong discussed and contributed to the need to standardise data protection regimes and standards internationally for:

a. Cross border data exchange
b. Proactive collaboration with regulators
c. Domestic/national development of best practice standards
d. A proposed Global Data Protection Standard (GDPS) and International Credit & Collections Board (ICCB)

The International Credit & Collections Board aims to:

1. Recognise the vastly different regulatory environment, national priorities and industry expectations around the world.
2. Provide international thought leadership and general guidance on matters affecting the industry globally.
3. Develop a Global Data Protection Standard, leveraging from the Federation of European National Collection Associations (FENCA) to develop a new GDPR Code of Conduct