PrivacyThe Privacy Act gives individuals new rights in relation to how their personal information is handled by businesses. If a business has an annual turnover of more than $3,000,000 or it deals with government contracts, then it is required to comply with the Privacy Act.
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Many businesses think that compliance with the Privacy Act is simply a matter of preparing a privacy policy, however, the requirements of the Privacy Act are far more comprehensive than that. The Act covers procedural issues as well, such as the collection, use, disclosure, storage and access to personal information held by the business.
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Compliance with privacy laws is not just a legal obligation. It can also be a commercial necessity. A report prepared by the Roy Morgan Research Group indicates that 40% of people had refused to deal with businesses they felt did not adequately protect their privacy. Approximately half of those from the highest income bracket (household income of $60,000+) had decided not to deal with a business on the grounds of privacy concerns.
The importance of good privacy practices to businesses that deal with personal information was further reinforced with the report's finding that respect for, and protection of, personal information was, overall, the aspect of service that mattered most to the largest proportion of consumers, with over one-third rating this service aspect above quality of product, efficiency, price and convenience.
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Privacy is a complex area of law that is often misunderstood by individuals and business managers alike. CompliSpace demystifies privacy laws leading organisations through a series of simple yet logical principles to explain a business’s internal processes.
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| Collection of personal information
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| | Use and disclosure of personal information
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| | | | Maintaining data security
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| | Openness when dealing with individuals
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| | Access to and correction of personal information
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| | Use of government identifiers prohibited
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| | Individuals right to anonymity
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| | | | Collection of sensitive information
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The CompliSpace Privacy program training and testing modules reinforce the key elements of the program ensuring all staff are familiar with hard to manage privacy issues, providing a safety net that minimises the likelihood and impact of adverse risk events.
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CompliSpace leads the market in the provision of simple, comprehensive, value-for-money Corporate Governance programs and services. Contact us to see how we can bring good governance to life in your organisation.
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