Managing macroeconomic risks through proactive stress testing
Client alertProactive stress testing to manage macroeconomic risk, strengthen financial stability and banking
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Add to that the need for Australian businesses to report data breaches, legislated under the Australian Privacy Act 1988 – businesses can receive hefty fines from our corporate and international regulators if their data protection is not up to standard. Now more than ever, businesses dealing with sensitive, personal or confidential information need to be completely confident of their data handling practices and processes.
When you first engage a third party assessor, you’ll need to answer these questions:
If you are a Microsoft supplier, you must adhere to Microsoft’s SSPA requirements and submit a letter from an approved independent assessor within 90 days of the contract being signed, and then annually thereafter. Approved assessors are either a member in good standing with the American Institute of Certified Public Accountants (AICPA) or the International Federation of Accountants (IFAC), and qualified to conduct a Generally Accepted Privacy Principles (GAPP) assessment. Grant Thornton is one of a select few firms approved by Microsoft to conduct SSPA assessments globally.
We understand that complying with Microsoft’s SSPA program is not a one-size-fits-all approach. Grant Thornton has the qualifications, capability and experience to conduct tailored attestations specific to your business needs, to confirm compliance with Microsoft SSPA. Work with us to ensure your business has the peace of mind that your data handling practices are aligned with one of the world’s largest IT providers and that you can continue providing products and services to Microsoft.
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In the meantime, if you have any questions, please don't hesitate to contact us via communications@au.gt.com.
Proactive stress testing to manage macroeconomic risk, strengthen financial stability and banking
Grant Thornton worked with AUSTRAC (the federal Anti-Money Laundering regulator) to support the development of their new AML/CTF Starter Kits released this week, designed specifically for Tranche 2 sectors including lawyers, real estate professionals, accountants, and conveyancers.
The Federal Court’s $5.8M ACL decision signals a new era for privacy, cybersecurity, and governance in Australia. It reinforces that privacy and cyber obligations start Day 1 of any acquisition, governance failures will be scrutinised, and accountability cannot be outsourced. Boards must ensure robust oversight, deep cyber due diligence, and forensic incident response. With OAIC escalating regulatory enforcement, organisations face heightened legal, financial, and reputational risks.
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