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Worldwide ERC®’s Regulatory & Compliance Forum Discusses Data Privacy

Worldwide ERC® - Dec 20 2019
Published in: Public Policy
The Worldwide ERC® Regulatory and Compliance Forum discussed data privacy and commonsense governance principles.

The Worldwide ERC® Regulatory and Compliance Forum met on Wednesday, 16 October 2019 at the Global Workforce Symposium in Boston, MA. The Forum is chaired by Bill Tehan, Graebel, with Vice Chair Jeff Margolis, SIRVA Worldwide. Open to anyone interested in regulatory and compliance issues relevant to mobility, the forum maintains and reviews an issues matrix though periodic meetings and monthly calls with Forum leaders.

Each meeting, this forum covers seven regulatory and compliance related areas:

  • General Compliance Matters
  • Anti-Bribery and Corruption
  • Information Security and Data Privacy
  • Background Screens
  • Corporate Social Responsibility
  • Trade and Economic Sanctions
  • Information Governance

The Forum noted that a collaborative effort by representatives of some of America’s largest corporations and institutional investors recently released Commonsense Governance Principles 2.0, which help companies think about corporate governance. The goal of these principles is to help unite the many different existing sets of principles.

Forum Vice Chair Margolis reviewed many recent enforcement actions related to GDPR, now in full effect. British Airways has been hit with a $230 million fine over a data breach that impacted approximately 500,000 customers. Stiff penalties were given out recently for anti-bribery and corruption enforcement. Seven recent FCPA enforcement actions resulted in penalties of totaling $78.5 million.

The minutes of the meeting are available online for those interested in a full report. All Worldwide ERC® members are welcome to attend future Forum meetings. Please also consider joining our online communities dedicated to the forums.