Business Functions of Data Controller - fintech software development company under the guidelines of GDPR regulation
Under GDPR, a data controller in a fintech software development company is responsible for determining the purpose and means of processing personal data, ensuring lawful, transparent, and secure handling of sensitive financial information.
Here’s a breakdown of the key business functions and responsibilities of a data controller in this context:
Core Responsibilities of a Data Controller
- Purpose Definition: Decide why personal data is collected and how it will be processed.
- Lawful Basis Assessment: Ensure all data processing activities have a valid legal basis (e.g., consent, contract, legal obligation)
Transparency & Communication:
- Draft and maintain clear privacy notices.
- Inform data subjects about their rights and how their data is used.
Compliance & Risk Management
- Data Protection Impact Assessments (DPIAs): Conduct DPIAs for high-risk processing, especially involving financial, biometric, or behavioral data.
- Contractual Oversight:
- Establish GDPR-compliant contracts with processors (e.g., cloud providers, analytics vendors).
- Ensure processors follow controller instructions and maintain adequate safeguards.
- Record Keeping: Maintain detailed records of processing activities (Article 30 GDPR).
Security & Data Governance
- Security Measures:
- Implement encryption, pseudonymization, and access controls.
- Monitor and audit data flows across systems and APIs.
- Incident Response:
- Detect and report personal data breaches within 72 hours to supervisory authorities.
- Notify affected individuals when required.
Data Subject Rights Management
- Access & Portability: Enable users to access their data and transfer it to other services.
- Rectification & Erasure: Allow users to correct or delete their data (“right to be forgotten”).
- Objection & Restriction: Respect user requests to limit or object to certain processing activities.
Fintech - Specific Considerations
- Sensitive Data Handling: Manage financial, biometric, and potentially criminal record data with heightened care.
- Cross-Border Data Transfers: Ensure compliance with international transfer mechanisms (e.g., SCCs, adequacy decisions).
- Regulatory Alignment: Coordinate GDPR compliance with other frameworks like PCI-DSS, DPDP (India), PDPL ()and local financial regulations
