Greatest Good Regulatory Update March 2023
ASIC publishes report on good practices for handling whistleblower disclosures
ASIC has published a report to assist entities improve their arrangements for handling whistleblower disclosures, and ensure they are effective and encourage people to speak up.
Report 758 “Good practices for handling whistleblower disclosures” sets out the good practices ASIC observed from its review of seven entities’ whistleblower programs from a cross-section of industries. The report reiterates the important role that the programs have in alerting entities and boards to changes necessary to help improve overall corporate performance and governance.
Privacy Act Review Report
The Government has released the Privacy Act Review Report (the Report) which sets out the response to various reform recommendations and proposals raised by the Privacy Act Review Discussion Paper released in October 2020.
The Report sets out the proposed reform agenda which will affect all sectors and all levels of the Australian economy. The Report will be critical reading for any organisation that deals heavily with personal information as part of its day-to-day business. Whilst it is unknown as to whether all 116 recommendations will be enacted, it is likely to be the most significant change to Australian Privacy laws since the introduction of the Australian Privacy Principles, especially if the current $3m annual turnover applicability is removed.
Submissions close 31 March 2023.
National Office for Cyber Security
The Government has announced it will appoint a senior official to a new National Office for Cyber Security to help mitigate the impact of the kinds of major incidents that struck Australian businesses in 2022.
The scope of their role includes:
- hprovide strategy, structure and spine to the work being done across government, to ensure that the billions of dollars being invested in cyber security each year is strategic and appropriate, with different parts of government communicating with each other and working together on helping lift cyber security protections across the country
- managing cyber incidents in a proper, seamless, strategic way across the Australian government
The Government is also in the process of developing the new 2023-2030 Australian Cyber Security Strategy which will focus on enhancing regulatory frameworks, securing government systems and strengthening our international strategy on cyber security.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
