A few days after receiving the “RegTech Innovation of the Year” Award together with eProseed, the Luxembourg Institute of Science and Technology (LIST) is pleased to announce that on 5 December 2017, its industrial partner eProseed was granted the "IT Development Company of the Year" award by the members of the Luxembourg ICT community at the annual IT One Gala Dinner.
eProseed and LIST achieved a successful collaborative work with the development of the tool enabling organisations to evaluate the extent of their compliance with the new GRPD through a comprehensive database of 350 regulatory requirements. As mentioned during the award ceremony, the decisive point that justified the jury's choice was the GDPR Compliance Support Tool, a software tool enabling organisations to self-assess their level of compliance with the EU GRPD, which comes into force in May 2018. The GDPR Compliance Support Tool was developed in tight collaboration with Luxembourg's data protection authority (CNPD), LIST and Digital Luxembourg, the government initiative that supports public and private actions in the digital area. A tool of this kind is a premiere in the European Union.
Geoffroy de Lamalle, founder and chairman of the board, commented on the impact of the new regulation: "The GDPR represents the biggest change to data protection laws in over 20 years and will make Europe a world leader in data protection. The GDPR also fits into the larger context of transparency. This is an opportunity for businesses - especially for highly regulated industries - to take ownership of the new expectations around data use to stay ahead of the competition. Effective data use is critical to success in an increasingly competitive landscape, with the nascent API economy only likely to accelerate this trend."
Working together with eProseed, CNPD and Digital Luxembourg resulted in the development of a tool that is currently being transferred to the market and will be available online. For any further information on this topic, you can send an email to Michel Picard.