Australia’s competition and consumer watchdog, the Australian Competition and Consumer Commission (‘ACCC’), has issued its 2024/25 Compliance and Enforcement Policy and Priorities. The ACCC’s 2024-25 priorities and focus reflect that cost of living issues and the digital economy are key challenges facing Australia’s economy and community.
Read moreThe Australian Securities and Investments Commission (ASIC), Australia’s company and financial services market regulator, released its latest Corporate Plan 2023-27. ASIC’s four year plan provides companies and organisations with useful insight into the regulator’s strategic priorities in respect of compliance and enforcement. This update provides an overview of ASIC’s plan.
Read moreThis Article provides an overview of Australia’s existing regulatory framework used to regulate AI technologies, the ongoing government consultations and proposed reforms to the laws. Using the failed Robodebt system as a case study, it also showcases the risks associated with failed AI systems, including claims for compensation in the billions of dollars and reputational damage that follows.
Read moreDigital economy including digital platforms and on-line market-places continue to be compliance and enforcement priorities for regulators in Australia – including ACCC, ASIC and OAIC. This update provides a review of recent Australian technology cases and ensuing compliance and risk management issues.
Read moreASIC’s latest Enforcement and Regulatory Update Report (for the period October to December 2023) reveals ASIC’s focus on protecting consumers and Australians generally by targeting digitally enabled misconduct – including stopping online investment scams at the source and taking down scam websites. This is in addition to ASIC’s continuing focus on strengthening financial market integrity, insurance institution failures, greenwashing and improving regulatory and legal compliance
Read moreMalicious or criminal attacks and human error continue to be the major causes of notifiable data breaches reported to the OAIC during the 6 month period to 30 June 2023 according to the OAIC Notifiable Data Breaches Report – January-June 2023. This Update provides a summary of some key findings and statistics contained in the OAIC’s Report as well as steps which organisations and businesses can take to minimise the risk and harm of privacy data breaches.
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