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New RAQUEST module: Retention Management: GDPR compliant thanks to a smart deletion function

Retention Management: DSGVO-konform dank intelligenter Löschfunktion

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The new RAQUEST module: “Retention Management”

According to the General Data Protection Regulation (GDPR), companies are only allowed to store personal data for as long as it is absolutely necessary. If, after the defined retention period, the data is no longer required for the purpose for which it was originally collected, an obligation to delete the data comes immediately into effect. With the new RAQUEST module “Retention Management” RAQUEST extensively meets the GDPR requirements and at the same time fulfills the demand of its customers for a smart deletion function of expired customer data.

How does the deletion function work?

The “Retention Management” module helps you implement all necessary steps to comply with deletion and retention periods. In doing so, the RAQUEST module examines the selected retention period. All customer-related data such as client, depot and transaction data, stored in RAQUEST will only be made available for deletion once the business case has been closed and the data is no longer subject to the legal retention obligation.

Is there an interface to the core banking system?

Yes. The module works through an interface, which you can control through your core banking software. Deletion takes place via the interface in the core banking system. Employees can thus control the deletion processes from a central location, which contributes to greater clarity and increased performance.

As soon as the retention period has been reached, the core banking system specifies the data records to be deleted via the interface. RAQUEST automatically deletes any data that has expired. For all data subject to the retention period or required in workflows, a veto function can be activated to prevent the deletion of relevant data. Supervisors or the responsible personnel  can control this veto directly in the core banking system and overrule it, if necessary.

Which advantages does the module have for RAQUEST users?

Besides complying with the GDPR regulations, the module offers an additional benefit: The data growth in your organisation stays manageable – and you stay on the safe side from a legal point of view.

 

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