Enhancing Financial Data Privacy Care: Best Practices for Security and Compliance

1. Privacy of Client Data

2. Objectives Outline the positive effects of data privacy for an FI and the client Learn good practices practiced by the FI around data privacy and security.

3. The Principle in Practice: The provider complies with all local data privacy laws. Client information is only used in the ways agreed upon at the time of data collection. Consider this: Clients trust financial service providers with very sensitive personal and financial information.

4. Digital Financial Services and Privacy Rapid growth in mobile usage increases client “digital footprints” Partnerships between financial institutions, telecos, agent networks, technology platforms etc complicate the question of responsibility for client

5. CPP #6: Adequate Standards of Care Client data is kept secure and confidential. Clients are informed about data privacy and consent to the use of their data.

6. CPP #6: Adequate Standards of Care Client data is kept secure and confidential. ✔ Privacy policy/ process - Written ✔ Sanctions in event of violation ✔ Agreement with 3rd party ✔ Control process when staff leave ✔ System to protect client data ✔ Disaster recovery /Business continuity plan ✔ Secured files – physical/ electronic ✔ IT passwords changed frequently ✔ Perform daily backs ups ✔ Usage of file outside office is controlled

7. CPP #6: Adequate Standards of Care Clients are informed about data privacy and consent to the use of their data. ✔ Written consent – 3rd party/ credit bureau checks etc. ✔ Privacy clause in product contracts ✔ Bénéficiaires are notified ✔ Staff Training program ✔ Group Leaders trained ✔ Clients informed to protect PINs ✔ FI verifies 3rd party staff training on data privacy policy /process

8. Good practices for privacy and security

9. Good practices for privacy and security

10. Tools available from the Smart Campaign