London, UK and New York, NY, January 25, 2018 — RFA (Richard Fleischman & Associates), a next-gen managed IT services provider for the financial industry, today brings attention to the AIMA GDPR Implementation Guide, published Tuesday. The Alternative Investment Management Association (AIMA) implementation guide summarises the GDPR framework, which becomes effective May 25th, in the context of alternative investment management firms and funds.
RFA was amongst a select group of AIMA member organisations that collaborated on the production of the implementation guide, adding advice and guidance in their areas of expertise. RFA UK Managing Director George NW Ralph said, “I was delighted to be involved in the development of the AIMA GDPR Implementation Guide, having worked with clients in the alternative investment sector over the past few years, preparing them for GDPR and identifying what they need to do. There has been a lot of uncertainty about the regulation and the approach that is needed – this guide will be of great benefit to our customers and other firms in the sector. We contributed our knowledge of the role and requirements of a Data Protection Officer, where there was a certain level of ambiguity around the official guidance, and this was being misinterpreted. I am delighted that by working together, RFA and other member organisations have been able to provide clarity and guidance where it is most needed.”
The implementation guide covers the scope of the regulation, requirements of all data processors and controllers, additional rights of data subjects and definitions of personal data. The guide outlines requirements for hiring a Data Protection Officer, minimum cybersecurity requirements they must have in place and process for breach notifications and regulatory reporting.
As the most significant update to EU data privacy law in the last two decades, and with its reach and effects being felt globally, the GDPR is highly relevant to the alternative investment sector and requires adequate consideration.
RFA UK has seen tremendous expansion in 2017 with over 70% increase in new clients and the addition of key new hires in the ever-expanding European teams. As GDPR enforcement approaches, RFA has been assisting its clients in carrying out certified audits against the new regulation as well as assisting in key gap analysis exercises, a further testament to its independent approach to client guidance. For more information, contact us.