The Consumer Data Right regime gives organisations the opportunity to become an accredited data recipient. The rewards are plentiful - but there's a lot to lose if you fall behind.

The Consumer Data Right (CDR) is a win-win situation for both the businesses and the consumers. It gives organisations the opportunity to become accredited data recipients giving them a unique chance to gain a competitive edge and providing Australian residents with better choice, access and control of their data. Initially, it is applied to the banking industry, with telecommunication and energy retailers following soon after.

Since its implementation in 2019, the CDR regime has begun its transformation and digitisation of the Australian economy. Data holders are required to transfer customer data if requested by the customers. In July 2021, the 'Consumer Data Right Strategic Assessment Consultation Paper' was released by the Treasury mentioning the expansion of CDR to a whole range of sectors covering almost the entire economy. This will be in action over time. Hence, the opportunity to become an Accredited Data Recipient (ADR) is now available to all sectors.

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The ability to easily share data paves the way for new products and services, making it easier for individuals and businesses to compare products, helping to switch providers for the better deals. This will encourage more competition in the market leading to lower prices. CDR gives more choice, control and convenience to the consumers. It's an opt-in service, meaning one can choose whether to use it or not. CDR requires the organisations open to sharing consumer's data to third parties must obtain user consent for data sharing and apply strong customer authentication for services. All CDR accredited providers must follow strict rules and regulations for data security.   


CDR regulation

The OAIC and Australian Competition and Consumer Commission (ACCC) jointly regulate CDR. OAIC enforces the privacy safeguards and privacy-related rules along with advising the minister and CDR agencies on the privacy implications of the CDR rules and data standards. whereas ACCC enforces the CDR rules and data standards and carries out strategic enforcement. The ACCC also accredits data recipients, manages suspensions and revocations of accreditation, and maintains a register of accredited persons.


Why CDR?

Efficient functions

Improved operational efficiency and safety

Business value

Increased trust from the clients and stakeholders

New Options

New business opportunities for the innovative organisations

Competitive edge

Gain and competitive advantage to early investors

Better understanding

Access to customer data will help in a better understanding of customers' needs

What Illume Offers
  • 1. Application programming interface (API) security with Financial grade API (FAPI) specifications
    2. Open standards-based support for the CDR specification (OAuth 2.0, OIDC, UMA)
    3. Privacy and consent features with a user-friendly dashboard
    4. Robust multi-factor authentication (MFA) options with Intelligent Authentication
    5. Data residency and data sovereignty
    6. Flexible consumption or deployment options for any environment

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CDR consulting involves specialised services provided by consultants or consulting firms to assist organisations in understanding and implementing the Consumer Data Right framework. It allows consumers to access and share their data with trusted third parties, enhancing competition and promoting better consumer outcomes. Organisations may need consulting services to navigate the complexities of CDR compliance and implementation.
The Consumer Data Right is a regulatory framework in industries, such as banking and energy, that grants consumers the right to access and share their data with accredited third parties. It aims to give consumers more control over their data and encourage competition by allowing them to switch between service providers more easily.
CDR consulting services can provide several benefits, such as -
1. Assisting with CDR compliance and understanding regulatory requirements.
2. Developing data strategies to leverage the opportunities presented by CDR.
3. Implementing technical solutions for data sharing and security.
4. Conducting risk assessments and data privacy compliance checks.
5. Streamlining data processes to comply with CDR regulations.
6. Supporting ongoing CDR management and maintenance.
Not all organisations are required to comply with CDR. The CDR framework typically applies to specific industries, such as banking, energy, and telecommunications, where consumer data sharing is deemed essential to foster competition and benefit consumers.
Non-compliance with CDR regulations can lead to legal penalties, fines, and damage to the organisation's reputation. It may also result in the loss of trust from consumers and hinder the organisation's ability to participate in data-driven markets.
The timeline for achieving CDR compliance varies depending on the organisation's size, complexity, and current data infrastructure. It may take several months to implement the necessary changes and ensure full compliance.
Yes, CDR consulting services can be provided remotely through online collaboration tools and video conferencing. Remote consulting allows organisations to access CDR expertise regardless of their location.