Allianz Group has received approval of its binding corporate rules from the EU-mandated Bavarian Data Protection Authority, BayLDA.
According to Allianz, with its new Binding Corporate Rules (BCR) status, the firm will be prepared for the EU General Data Protection Regulation , which comes into effect on 25 May, 2018.
Attaining BCRs approval required Allianz to show it has a comprehensive and effective framework in place to safely and lawfully transfer personal data out of the EU.
BCRs were developed by the EU to allow multinational corporations to make intra-organisational transfers of personal data across borders in compliance with EU data protection law.
EU data protection law does not allow the transfer of personal data from the EU to the US, Asia, and other regions.
With the BCRs, companies can overcome that restriction, affording EU-level privacy protection to individuals globally, including those in countries with minimal to no safeguards for privacy rights and freedoms.
Helga Jung, a member of the board at Allianz, said: “Our business is built on trust. In an era where data privacy is an increasingly sensitive issue, it is critical that Allianz continue to be at the forefront of privacy protection.”
She added: “BCRs approval emphasizes how we are committed to maintaining the trust of our customers, employees, and business partners.”
Philipp Räther, group chief privacy officer at Allianz, commented: “It has been a significant undertaking, but it’s worth it. For Allianz, privacy is a core business capability and a corporate social responsibility.”
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