Compliance with the Federal Data Protection Act (FADP) with regard to women in the fintech landscape
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It is crucial to fit women´s needs in the Fintech landscape in compliance with the FADP
DR. BIRGUL COTELLI, Senior Director, C-suite Program Attendant, Risk & Compliance https://swissfintechladies.ch/sftl-authors/
Compliance with the Federal Data Protection Act (FADP) with regard to women in the fintech landscape
In the fintech landscape in Switzerland, it is crucial for companies operating in this sector to ensure compliance with the latest regulations. This is especially true when it comes to the aspect of women's sensitive data.
The revised Data Protection Act (nFDPA) of 25 September 2020 regulates the processing of personal data in Switzerland. It regulates how companies collect, use, store and transfer personal data and ensures that individuals' privacy rights are protected. The nFDPA as well as the new Data Protection Ordinance (nDPO) and the new Data Protection Certification Ordinance (nDPCO) will come into force on 1 September 2023. Another important aspect was to maintain Switzerland's competitiveness and enable Switzerland to ratify the revised Council of Europe data protection convention to align it with the EU General Data Protection Regulation (GDPR) and thus continue to be recognised as a third country with an adequate level of data protection and ensure compliance with international standards.
An important compliance issue that fintechs must adhere to is the Swiss Federal Data Protection Act (DPA). Given the significant revisions to the DPA, it is critical for fintechs to understand and navigate the updated data protection framework in order to protect client data and maintain trust. Women in particular are exposed to the consequences of having their sensitive data used or shared without protection.
A brief overview of the latest in data protection and why it is so important to women
Fintech companies, including those run by women, must comply with the provisions of the nFDPA when handling personal data to avoid penalties and reputational risks.
Definitions of "profiling", "high-risk profiling" and "data breach" have been introduced, along with heavy fines. Genetic, biometric and ethnicity data are considered sensitive personal data under the nFDPA.
To comply with the nFDPA, fintech companies with a strong understanding of the female perspective should consider the following 5 key aspects:
1. protection of sensitive data: Women may have specific privacy concerns, such as medical information, sexual orientation or gender identity. Fintech companies need to pay special attention to the protection of sensitive personal data and implement robust security measures to protect it.
2. dealing with gender bias: Fintech companies need to be aware of possible gender biases in their data processing. Care should be taken to ensure that algorithms and automated decision-making systems do not perpetuate discriminatory practices that could adversely affect women or perpetuate gender stereotypes.
3. female representation in data governance: promoting gender diversity in data:
Governance and Compliance teams can bring valuable perspectives.
Including women in decision-making processes ensures that data protection
policies take into account women's specific needs and concerns.
4. promote equal representation: the revised GDPR highlights the importance of equal representation and diversity in data processing. Fintech companies should strive to create an inclusive environment that respects and values women's perspectives and promotes gender equality.
5. data protection impact assessments: These can help fintech companies identify potential risks to women's privacy rights. Including women in these assessments and seeking their input can provide valuable insights into their specific data protection concerns.
Compliance with the Swiss nFDPA is of utmost importance for fintech companies operating in the
financial technology sector in Switzerland. By taking into account the female perspective and addressing the specific data protection concerns and needs of women, fintech companies can build trust with their female clients and partners.
To ensure compliance and navigate the complex world of data protection in the Swiss fintech industry in a holistic and inclusive manner, fintech companies need to stay informed about the evolving regulatory landscape and engage legal and compliance experts who understand the importance of gender diversity.
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Karen Wendt
President of SwissFinTechLadies