Global companies are increasingly more concerned with ensuring the privacy and security of the information they hold. Not only is complying with international privacy regulations and frameworks important to avoid fines, but it is also critical for building trust with customers, mitigating risks, and protecting the company’s reputation. One way that companies can demonstrate compliance is by adhering to a recognized international privacy framework, such as the Asia-Pacific Economic Cooperation (APEC) framework as demonstrated by the APEC Privacy Recognition for Processors (PRP) certification.
Like the APEC Cross Border Privacy Rules (CBPR) system (which applies to data controllers), the APEC PRP system is a voluntary, enforceable program designed to ensure the continued free flow of personal information while maintaining meaningful protection for the privacy and security of personal information for data processors. The U.S. became the first formal participant in the PRP system with the Federal Trade Commission (FTC) serving as the first enforcement authority in 2018 with more expected to follow.
A significant portion of the world’s economy is based in the region represented by the Asia-Pacific Economic Cooperation (APEC). Companies acting as data processors in the Asia Pacific region can comply with the PRP program requirements in order to process personal data efficiently, securely, and safely while respecting data privacy. In addition, the PRP system enables businesses that operate as data processors to demonstrate their commitment to global privacy standards.
Two examples of companies who have achieved this certification are Workday and Envestnet | Yodlee.
Workday and Envestnet | Yodlee have worked with TrustArc to demonstrate compliance with the APEC PRP certification standards.
Barbara Cosgrove, Chief Privacy Officer at Workday said: “Maintaining the privacy and security of customers’ data in compliance with privacy laws is of critical importance to our business. By partnering with TrustArc to achieve the APEC CBPR and APEC PRP certifications, we’ve been able to further demonstrate our commitment to privacy and qualifications to process data in compliance with the APEC privacy framework.”
“Envestnet | Yodlee wanted a way to demonstrate the rigor of our privacy programs to our clients, prospects and the market. Security-focused certifications, like the APEC PRP, provide objective reliable evidence that Envestnet | Yodlee adheres to applicable privacy standards,” said Brian Costello, Chief Information Security Officer at Envestnet | Yodlee. “TrustArc is a trusted advisor for our entire global privacy program – we leverage their expertise for general certification as well as the APEC certifications.”
To prepare companies for an APEC PRP (and/or CBPR) Certification, TrustArc works in partnership with clients following a three-phase process leveraging a combination of in-house privacy experts and proven assessment methodology powered by the TrustArc Privacy Platform that accelerates and assists in documenting compliance.
- Phase I – A review of the company’s privacy practices against the APEC requirements and creation of a detailed privacy findings report.
- Phase II – A collaborative review of the findings, implementation of remediation recommendations, and documentation of action item resolution.
- Phase III – Certification activation of the TRUSTe APEC PRP (and/or PRP) Privacy Seal and Dispute Resolution Services.
For more information about TrustArc privacy tools and solutions, click here.