2. Data analytics: tread carefully
Accountants have a leading role to play in ensuring personal financial information is used ethically.
“The same tactics used by unethical companies to exploit data can actually be used for good purposes,” says John Hoffman, CEO of Altis Consulting.
Data breaches must be reported to the Office of the Australian Information Commissioner, and all practitioners need to have adequate checks in place to ensure:
- Data analytics used for new areas of business is consistent with how it was sourced
- There are clear steps to update it if data is found to be incorrect
- Any data no longer required or accurate is destroyed as soon as practically possible