AFFINITY publishes whitepaper on regulatory compliance
AFFINITY is seeking to help businesses turn regulatory compliance into a growth opportunity via its ‘Preparing for Australia’s Privacy Act Reforms’ whitepaper.
The announcement:
For business leaders ready to take action, AFFINITY, Australia’s leading growth accelerator, has launched a whitepaper titled, ‘Preparing for Australia’s Privacy Act Reforms.’ With this, AFFINITY aims to assist businesses with the knowledge and tools to turn regulatory compliance into a growth opportunity, as the first set of reforms is expected to take effect in early 2025.
The whitepaper highlights two key dates in Australia’s privacy reform timeline:
- 12 September 2024: The first reforms were introduced into the House of Representatives.
- Mid-2025: The anticipated date for the second tranche of reforms.
AFFINITY stresses that the upcoming changes to Australia’s Privacy Act, much like the EU’s General Data Protection Regulation (GDPR), will require businesses to re-evaluate their handling of customer data. However, those prepared to adapt can leverage these reforms as an opportunity to build trust and fuel business growth.
AFFINITY, in partnership with Anisimoff Legal, outlines a detailed strategy that integrates privacy-by-design principles, helping companies to ensure compliance while unlocking new avenues for growth.
“Australia’s Privacy Act reforms are a game-changer for businesses, much like GDPR was for Europe,” said Luke Brown, CEO, AFFINITY Group. “We see these changes not as a burden but as an opportunity for businesses to innovate and differentiate themselves by prioritising consumer trust. Those who prepare now will be in a prime position to capitalise on the evolving privacy landscape.”
Learning from GDPR: Insights for Australian businesses
Drawing parallels with the EU’s GDPR, which was implemented in May 2018, AFFINITY highlights key learnings for Australian businesses. GDPR had a profound impact on firms, particularly small and medium-sized enterprises (SMEs). According to recent studies, companies exposed to GDPR saw an 8% reduction in profits and a 2% decline in sales, with SMEs bearing the brunt of these adverse effects. In contrast, large technology companies, including Facebook and Google, faced no significant reductions in either sales or profits.
The AFFINITY whitepaper urges Australian businesses, especially SMEs, to take a proactive stance, avoid the pitfalls experienced in Europe, and begin preparing for the new regulations now.
Key takeouts of the whitepaper:
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Stricter consent requirements: Under the new reforms, businesses will need to secure clear, informed, and specific consent for data usage, marking a significant shift from previous standards.
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Children’s online privacy code: Special rules will be introduced to protect children’s data, limiting what they can access and how their information can be used online.
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Automated decision-making transparency: Businesses will face new requirements for greater transparency and accountability in the collection and use of personal information for automated decisions.
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Impacts on direct marketing and targeted advertising: Stricter regulations are expected to disrupt datadriven marketing practices, requiring businesses to explore alternatives like contextual targeting.
Source: AFFINITY
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