Personal Data Protection
From Open Risk Manual
Definition
Personal Data Protection. In the context of the Financial Competence Framework, Personal Data Protection is a topic in the Financial Landscape subject matter domain.[1]
Competences
Mastering the role of Personal Data Protection in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
421 | Understands that consumers of financial services enjoy rights with respect to their personal data and that they have discretionary control over it | Knowledge |
422 | Aware of the existence of national authorities in charge of data protection and of their role in a financial context | Knowledge |
423 | Aware of the security implications on personal data of storing financial documents online | Knowledge |
424 | Understands that financial service providers and companies may store personal information:
- To personalize offers based on the customer's stored profile, which is used to infer the customer's price sensitivity, product preferences and relevant behavior (e.g. in the context of telematics insurance) ; - To track certain relevant actions and behaviour of customers during the contract period (e.g. loan repayment history, driving behaviour based on telematics in the context of car insurance) |
Knowledge |
425 | Understands the (financial) consequences and risks of sharing or disclosing personal data (including identification numbers, account information, or other identifying information such as address, birth date or government-issued numbers) whether digitally or through other channels | Knowledge |
426 | Able to protect personal data online | Skill |
427 | Assesses personal data requests by financial service providers to decide whether it is relevant to provide such information | Skill |
428 | Appropriately manage one’s own digital footprint in a financial context, to the extent possible | Skill |
429 | Avoid engaging in risky behaviours involving one’s own personal data in a financial context | Skill |
430 | Confident to revoke authorisations to access, use, or store personal data from financial service providers and companies when necessary | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union