Imagine you're the Chief Compliance Officer (CCO) of a large financial institution headquartered in the EU, with operations across multiple global jurisdictions, including Asia and North America. With GDPR in effect, how would you design and implement a comprehensive compliance framework to address the complex challenges associated with personal data processing?
Specifically, elaborate on how you would ensure compliance and mitigate risks in the following scenarios:
1. Transferring transactional data from EU clients to non-EU countries for centralized analysis and storage.
2. Using AI-driven algorithms for credit scoring and Anti-Money Laundering (AML) monitoring, involving automated decision-making.
3. Effectively managing and responding to data subject rights requests from global clients (e.g., right of access, right to erasure, right to data portability).