Industry association Data Governance Australia (DGA) recently launched a new Code of Practice, aimed at self-regulating the practice of data governance across all Australian businesses, that outlines the use, collection and management of data.
This new benchmark set by DGA puts the interests of consumers first and enables companies to build trust between consumers and organisations, driving better transparency and allowing consumers to know what is happening with their data, the association said.
The code is a living document intended to remain at the forefront of advances in technology and the way consumers interact with data. The code ensures companies handle data both legally and ethically.
The Code of Practice was developed by a multi-industry group of data governance professionals led by Chair of Data Governance Australia, Graeme Samuel.
“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,” said Samuel.
“The transparency that this Code provides should help bolster consumer trust in organisations that have signed up to the Code of Practice.”
Data is becoming more important to Australian businesses and organisations are harnessing the power of data in order to gain better efficiencies, more insights, and better engagement with consumers. By using data, businesses are able to gain a competitive advantage.
Based on global best practice, the Code’s provisions include:
- No Harm
- Honesty and Transparency
- Accuracy and Access
Despite the existence of international standards and local laws which set requirements for elements of data governance, there was no comprehensive Australia-wide minimum benchmark in place to guide organisations in appropriate collection, use, and management of data.
The Code sets the minimum standards for managing data governance across all Australian organisations across all industries.