Over 10 years we help companies reach their financial and branding goals. Engitech is a values-driven technology agency dedicated.

Gallery

Contacts

411 University St, Seattle, USA

engitech@oceanthemes.net

+1 -800-456-478-23

Published:
September 18, 2019
Category:
Legal Entity Management
Client:
Duthler Associates

The success of a company depends on the extent to which it succeeds in connecting with target groups. Knowing the partners with which business is done is a condition of keeping operational costs manageable. It is therefore essential for the continuity of the business that a company exchanges reliable company and personal data with its partners. In exchange for this data, a company will comply with legal obligations.

With the advent of the GDPR, persons have regained control of their data. Companies cannot simply continue to process “their” personal data. They will have to make agreements with persons about the processing of their data. Also, a company also wishes to control company data. Especially when it comes to strategically essential data, such as confidential company data, a company wishes to exercise control over by making enforceable agreements about the processing of company data.

Basic LEM

MYOBI helps companies on the Trust Network with an information ecosystem, of which LEM is a part, to manage company and personal data.

Bilateral agreements between the parties on the processing of company and personal data, which are also workable, are no longer possible. The differences in data definitions alone and the disproportionately high management costs create blockages. A Trusted Third Party (TTP) offers solace. MYOBI fulfils the role of the trusted third party and maintains the TTP policy; an arrangement to which all users of the Trust Network conform.

Based on the TTP policy, MYOBI undertakes to deal with the following matters:

  • Maintaining data definitions and company data available from authentic sources (e.g. Dutch Chambers of Commerce) on the Trust Network in the company user’s Information Ecosystem;
  • Authentication of the identity of companies and persons (certainty about “who is who”), electronic signatures on the trust network and notarising documents;
  • Company user manages its business data using the Information Ecosystem. These include:
    • Formal business data that allows the user to compose corporate families for, for example, commercial, tax, banking objectives or data protection; and
    • Functional company data that enables a user to build organisational units, departments, and roles from a formal entity.
  • The users control and direct the processing of their data. A company user indicates which data set may be shared with specific target groups under what conditions. MYOBI enables Smart contracting in the Information Ecosystem with a contract portfolio consisting of consent and processing agreements; and
  • Companies that use the Trust Network are accountable for their compliance with legal and contractual obligations focused on data protection and information security. This gives the Trust Network more certainty about the reliability of company and personal data.

The facilities provided by the MYOBI Trust Network to users will grow depending on changes in the law and requests from users. MYOBI is organised well, also complies with the TTP policy and is responsible for the legal and contractual (including the TTP policy) obligations to society.

Operational

After signing the TTP policy, a company gets access to an Information Ecosystem in which LEM is included. The employee with the role LEF Manager maintains the internal company data. The employees with the role business coordinator conclude agreements with partners (e.g. customers, employees and suppliers) consent and or processing agreements.

A formal and functional structure grows. The formal or legal structure consists of a holding company and entities. Each entity has organisational units, and an organisational unit has departments, and a department has roles. We call this the functional structure of the organisation.

In the figure below, the formal and functional hierarchical structures are elaborated. There are formal roles that are regulated in the law (regulatory obligations). Consider, for example, the roles of the board, the supervisory board or the data protection officer.

MYOBI connects a person to a role of the company’s information ecosystem if MYOBI has completed the authentication of a person’s identity, and authentic sources (e.g. the Dutch Chambers of Commerce) show that the person is the company’s representative. The representative then assigns roles, and thus tasks, powers and responsibilities, to employees.

The role business coordinator has the authority to start processes. So also processes for countering, in particular processes aimed at controlling and directing the company and personal data.  MYOBI facilitates these processes with smart contracting and a contract portfolio with the following contract types: TTP policy, the mores on the Trust Network and driven a set of consent and processing agreements aimed at controlling and directing the company and personal data.