Contract Countdown Series – Most Dangerous Risks #10
We’re counting down from 15 to 1 of the most dangerous risks we see in contracts and this week we’re up to #10 in the Contract Countdown.
But we’re big on transparency, not just with our own clients but for your customers too. So regardless of whether the Privacy Act 1988 is strictly applicable to your business, we believe that the collection, use, disclosure and security of personal information (such as that collected in a credit application) is so important to instill customer trust in this digital age of big data.
Penalties for non-compliance with the Privacy Act can be severe, so consider:
- adding a comprehensive Privacy Statement to your customer onboarding process (e.g. your credit application and your terms);
- re-wording your Privacy consents for collection of personal information;
- developing a Privacy Procedure for all staff to follow.
These simple measures can ensure that your Privacy is Perfect with a capital P!
And of course, stay tuned for #9 in our Contract Countdown…
For more information, contact Ledlin Lawyers:-