UniCredit can now collect extensive data from participants in the Employee Share Ownership Plan. Full compliance with data privacy regulations in multiple locations.
Third party plan administrator Global Shares can now use the data for administrative and reporting purposes. Participants can now use the Interactive online tool to submit and update information.
SolutionGlobal Shares resolved the data privacy issue by designing an online participant interface tool, which was customized to meet UniCredit data collection requirements. This ensured full compliance with data privacy regulations.
UniCredit Share Purchase Plan
UniCredit launched the ‘Employee Share Ownership Plan’ on the 27th of October 2008. Under this plan, eligible employees have the opportunity to invest in UniCredit shares under favorable conditions. UniCredit’s international presence means that the plan is offered in many different countries and has approximately 140,000 eligible employees.
UniCredit SpA attracts deposits and offers commercial banking services. The Bank offers consumer credit, mortgages, life insurance, business loans, investment banking, asset management and other services. UniCredit operates worldwide.
Data Privacy Issue & Solution
At the initial planning stage of the process, Global Shares identified that UniCredit lacked adequate consent from employees to pass their personal information to a third party plan administrator. These data privacy constraints meant that Global Shares couldn’t receive the employees’ personal data from UniCredit in order to administer the plan.
Global Shares resolved the data privacy issue with an online participant interface software solution. This solution was custom-built to meet UniCredit’s data requirements and involved the following steps.
First, HR sent a user ID and password to all eligible participants. Global Shares then set up a server-to-server communication method between the participant software and the relevant HR IT System Server.
At this stage, eligible employees could log into the Global Shares participant interface and agree to the data privacy terms and conditions.
This process is instantaneous, so once the participant agrees to the data privacy terms and conditions on the portal, they are then taken directly to the ‘Online Enrollment Form’ where they can enroll in the plan.
The customized Global Shares participant tool eliminated the need to contact each employee seeking written consent to transfer their data. This Global Shares solution saved significant time and resources, facilitating the smooth implementation of the plan.
Transform your Equity Plan Administration with Global Shares Solutions. Discuss your company’s requirements with one of our experts today!
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