(September 14 – 11:00 ET) – Royal Bank has appointed a privacy officer to monitor and ensure balance in use of customer information.
Peter Cullen is Royal’s new corporate privacy officer. Previously Cullen was senior manager of quality and customer loyalty at RBC. He is charged with overseeing the application of the bank’s privacy code.
The bank says its privacy code mandates the behaviour of employees and suppliers toward the use, confidentiality, disclosure and security of client information. It establishes a privacy management committee structure that monitors all bank operations, red flagging privacy concerns for redress.
The code also provides a “standard consent clause” for all customer agreements, upholding the bank’s commitment to the privacy of its clients. Client information includes information such as name, address, age, gender, identification numbers, assets, liabilities, income, payment records, health records and driving record.
In the case of business clients, it also includes the names of company owners, directors and shareholders, fiscal year end, jurisdiction of incorporation, financial information, the ownership structure and organization of the business.
“Finding the right balance between protecting our customers’ privacy and using their information to serve them better is essential,” said Cullen, “Ultimately Royal Bank believes the way we steward customer information will be a source of competitive advantage. This is the way to do business in the New Economy and we’re building on the trust that is a cornerstone of banking in Canada.”
“Businesses that put senior officers into dedicated privacy positions are demonstrating that they get it,” said Ann Cavoukian, Ontario’s Information and Privacy Commissioner. “They understand that privacy is the next business imperative. They understand how much importance Canadians and consumers globally place on their privacy. In doing so, they emerge as the leaders in the digital economy.”
-IE Staff