CFO World

New code of practice launched to protect consumer data

Data Governance Australia’s new code of practice is set to mark a country-first step in self-regulating the practice of data governance across Australia

Data Governance Australia (DGA) has launched a new code of practice, set to be a national-first in self-regulating the practice of data governance across all Australian businesses, outlining the use, collection and management of data.

Despite the existence of international standards and local laws, which set requirements for elements of data governance, there has been no comprehensive Australia-wide minimum benchmark in place to date to guide organisations in appropriate collection, use, and management of data.

Based on global best practice, the new code is designed to ensure companies handle data both legally and ethically and contains provisions to regulate a suite of pressing issues including: No harm, honest and transparency, fairness, choice, accuracy and access, accountability, compliance, security and compliance.

By driving better transparency and allowing consumers to know what is happening with their data, the new benchmark aims to put the interests of consumers first and enabling more trust between consumers and organisations.

According to DGA chairman, Graeme Samuel, who led the multi-industry group of data governance professionals responsible for developing the code, the ambition is to set the minimum standards for managing data governance across all Australian organisations across all industries. Importantly, the code represents a positive leap in the right direction, especially given today's increasing data-driven business environment.

“The code of practice represents a genuine step forwards in data management in Australia. For the first time, we have a comprehensive benchmark for all organisations in how they collect, use and manage data for consumers,” Samuel said. “The transparency that this code provides should help bolster consumer trust in organisations that have signed up to the code of practice.”

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