What It Is

K-PIPA, or Personal Information Protection Act, is South Korea's comprehensive data protection regulation enacted in 2011 with major amendments in 2020, 2023, and 2024. It governs collection, use, storage, transfer, and deletion of personal information, including sensitive and unique identifiers, for all data handlers. Its consent-centric, risk-based approach emphasizes explicit opt-ins, data minimization, and accountability.

Key Components

• Core principles: transparency, purpose limitation, minimization, accuracy.
• Obligations: mandatory CPO appointment, granular consents, 10-day data subject rights responses, security safeguards per 2024 Guidelines.
• No fixed control count; focuses on governance, breach response (72 hours), cross-border transfers.
• Enforced by PIPC with revenue-based fines up to 3%.

Why Organizations Use It

• Mandatory for domestic/foreign entities handling Korean data, avoiding fines (e.g., Google's KRW 70B).
• Builds trust, enables EU adequacy flows, mitigates risks via certifications like ISMS-P.
• Strategic for market access, privacy-by-design, competitive differentiation in Asia.

Implementation Overview

• Phased: gap analysis, CPO/governance setup, technical controls (encryption, logs), training, audits.
• Applies universally to businesses targeting Koreans; no certification but PIPC compliance.
• Tools: consent platforms, automated DSR portals; suits all sizes via scaled duties.

What It Is

Basel III is the international prudential regulatory framework developed by the Basel Committee on Banking Supervision (BCBS) following the 2007-2009 global financial crisis. It strengthens bank resilience by enhancing capital quality and quantity, constraining leverage, and mandating liquidity buffers. The framework employs a risk-based approach augmented by simple, non-risk-based metrics like leverage and liquidity ratios.

Key Components

• **Pillar 1Capital ratios (CET1 4.5%, Tier 1 6%, Total 8%), buffers (conservation 2.5%, countercyclical, G-SIB/D-SIB), leverage ratio (3%), LCR, NSFR.
• **Pillar 2Supervisory review process (ICAAP, stress testing).
• **Pillar 3Granular disclosures for RWA comparability (templates like KM1, LR1, CDC). No global certification; national supervisory compliance.

Why Organizations Use It

Primarily for mandatory regulatory compliance in adopting jurisdictions. Provides systemic risk mitigation, improved comparability, lower funding costs via market discipline, and strategic balance-sheet optimization. Builds stakeholder trust through transparent risk management.

Implementation Overview

Phased enterprise program: governance/PMO setup, data/IT transformation, model recalibration, training. Applies to internationally active banks; involves ongoing reporting, no central audit.