One of the biggest concerns for the companies and public institutions that work with personal data is the GDPR or General Data Protection Regulation. This European regulation, issued by the European Union is by far the most complex and exhaustive document released by the European institution and it affects all of the private companies and public institutions that are storing, selling, working with personal data of the European citizens. This regulation will come in force starting with 25th of May, 2018.
As the president of our cluster saw that in Romania, this regulation for most of the companies and public institutions is still in awareness phase, together with Omega Trust, founding member of our cluster and with our partners, The Civil Society of Lawyers Cunescu, Balaciu & Associates and Romsym Data, organized an event where the main theme was the new regulation and the impact it will have on the entities that are working with personal data.
The most debated topic was the fine for non-compliance with the new GDPR. Considering the fact that the fines can reach up to 20,000,000 euro or 4% of the company’s global turnover, it is easy to understand why this subject was the one that caught the eye of the public. Another heated topic was the possibility of the citizens to ask the companies to erase their personal data completely, and more importantly, how is this possible.
On April 5th starting with 12.00 hrs. at Oracle office, four founding members of Smart Alliance: Reporting Center, New Business Dimensions, Wing Leading Edge and Mware Solutions joined forces and presented their solutions built on Oracle technology that address the challenge of IFRS9 for banking.
The January 2018 transition to the new impairment model under IFRS9 is already keeping everyone busy and will do so even more as the deadline for implementation is closer. Implications are far reaching in any banking institution, from risk to finance, from IT to treasury, from business units to the Board of Directors. The operational complexity inherent in the Expected Credit Loss model of IFRS9 can only be solved and controlled by designing, implementing and maintaining a sound applications environment that uses quality data sources for required computations and reporting.
The event was addressed to banking specialists who had the opportunity to debate the complexity of application methods and methodologies used in implementation and last but not least were able to test “hand-on” the technology and applications
The first workshop that started the Smart Business Technology Series was held on 28th of March, at Hotel Epoque in Bucharest and the theme was ”The future of Enterprise Data Center Infrastructure in a VR-BOX”. Two of our technological partners present at the event were Lenovo & Nutanix.
The workshop detailed the way virtual servers reduce the complexity of the IT infrastructure and accelerates the ”time-to-value” process.
NTX (Entex Logic), founding member of Smart Alliance – Innovation Technology Cluster, integrated for the first in Romania this hyperconverged infrastructure and together with representatives from Electrica Furnizare, presented the technological challenges that a company could face by adhering to this innovation.
At the event were present clients from the public sphere as well as private. The most debated topics were about the mid and long term benefits and about the implementation steps, regarding the virtual solutions created by Lenovo&Nutanix. Another topic that caught our public’s eye was about reliability and cost efficiency after you combine server platforms with high level built-in reliability with the latest available software.
Lenovo Converged HX Series and Nutanix Appliances represents the future of Enterprise Cloud, and our IT cluster supports the technological innovation, as we already promote it to our +2,200 national and international clients.
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