Annual event equips employees with essential skills in data protection and compliance amid rising cyber threats
Home Credit Philippines (HCPH), the country’s leading consumer finance company, has underscored its dedication to data protection, data security, data privacy, and compliance by hosting its annual Risk Compliance Audit (RCA) Week. This initiative aims to foster a culture of vigilance and responsibility among employees, empowering them with essential skills in safeguarding sensitive information and mitigating potential risks.
Under this year’s theme, PAOER! Prepare, Adapt, Overcome = Empowering Resilience, HCPH’s RCA Week engaged employees in a series of events and training sessions designed to strengthen the company’s protective risk culture. Through dedicated information hubs set up across offices, employees accessed interactive resources and reviewed policies on data security and compliance, enhancing their readiness to protect against risks in real time.
“Building a protective culture is fundamental to who we are as a company. By equipping our people with a proactive mindset toward risk, we are not only protecting Home Credit but also reinforcing the trust our customers place in us. Our RCA Week is a concrete step in empowering our workforce to handle today’s complexities with confidence.” Ihor Kruchynenko, HCPH Chief Risk Officer, said.
Leveraging experts’ insights in mitigating risks
Among the highlights of this year’s RCA Week was the virtual Expert Insights series, which featured leading voices in data security and compliance.
Meralco Vice President and Data Privacy Officer Atty. Francis Acero opened the series with a session on secure data handling practices to mitigate breach risks. Meanwhile, Vanguard Screening Solutions Co-Founder and Chief Executive Officer Jan Michael Espino followed with insights on the role of data protection in fraud prevention, emphasizing the importance of vigilance and compliance in safeguarding assets.
Rounding out the series was Atty. Rainer Anthony M. Milanes, former Chief of the Compliance and Monitoring Division at the National Privacy Commission, who discussed the necessity of protecting sensitive personal information within the finance sector to maintain trust and regulatory compliance.
In addition to expert sessions, employees received daily email briefings on key risk and compliance topics, reinforcing takeaways from each session and promoting a continuous learning environment. This comprehensive approach enabled employees to develop a robust understanding of risk mitigation strategies and the critical role each team member plays in maintaining a secure, compliant workplace.
Data breaches in the finance sector
The latest Data Breach Notification Management System report from the?National Privacy Commission points to a worrying trend in data security within the financial services sector.
In the Philippines, financial services ranked among the top five sectors reporting security incidents in 2023 and 2024. By September 2024, at least 25 personal data breaches had been reported in this sector, underscoring the high stakes involved in protecting sensitive financial information.
Human error stands out as a major factor, responsible for nearly half of these breaches. This suggests that, while technology may provide strong data protection tools, the human component is often a weak link. Simple mistakes, whether due to inadequate knowledge or minor lapses in judgment, can inadvertently expose sensitive information, leading to serious consequences for both the company and its clients.
This data serves as a clear call to action for financial service institutions to prioritize data protection training. With the rapid digitization of financial services, it is more important than ever for employees to be equipped with practical skills in data protection, privacy, and security to prevent these kinds of incidents.
In response to these alarming findings, HCPH’s RCA Week demonstrates the company’s proactive commitment to addressing these risks head-on. By educating employees through practical training and fostering a culture of responsibility, RCA Week directly tackles the root causes of human error in data breaches, bolstering HCPH’s defenses and enhancing its reputation as a trusted consumer finance partner.
“For us at Home Credit, this initiative is more than a series of trainings. It’s a testament to our unwavering dedication to a protective risk culture that drives sustainable growth and resilience. By fostering a workforce skilled in navigating risks and committed to data security best practices, we not only strengthen our defenses but also set a high standard of accountability and trust in the industry,” Kruchynenko concluded.
To know more about the latest updates from Home Credit Philippines, visit its official website, www.homecredit.ph. You may also follow its official?Facebook,?Instagram, and?TikTok?accounts.
Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).?
