How can an experienced lawyer help a bank draft and/or update bank-related internal privacy policies to best protect its customers?
Minneapolis banking and financial services attorney, Beau Hurtig, shares how he can help banks create solid internal privacy policies.
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Phone: (612) 492-7267
Yeah, and so the nature of banking these days is there’s a lot of compliance obligations so most banks do have in house compliance personnel. And I think this personnel knows how to draft policies and, of course, there’s lending policies, insider policies, other related policies that the compliance personnel is used to putting together. In the case of privacy or data security policies it’s really important to assess your risk, consider what size your institution is, and develop the appropriate plan. And so this might not be an instance where your compliance people can look for samples and talk to their peers because each policy might be a little bit different depending on your circumstances. And so where an experienced professional can help is to listen to how your bank runs, what your risks are, and help you create the appropriate policy for your tailored institution. The danger is if you put together a very good policy but then you put it up on a shelf and no one really knows what it says, if a plaintiff’s attorney or a regulator comes along after a breach and says did you comply with your policy ’cause that’s going to be their first question, you might look at each other and say uh, I don’t even know what’s in our policy and you don’t want to be saying that. So again, the experienced person can help you balance really, protection for your customers versus ease of administration.