An Alternative to Compliance by Coercion
Alternatives to penalties are provided by the behavioural sciences, including command and control and economic instruments such as ‘nudging.’ The underlying concept is to create an environment in which individuals make choices based on nudges towards the desired state. This area is well-developed thanks to the advertising industry and, in the context of compliance, is considered to be ‘at the forefront of regulatory policy and governance.’
The use of Machine Learning in Compliance
The regulatory environment is evolving at a lightning pace. As a result, compliance officers must also keep up. To meet this challenge, AI applications have
ASIC’s report on regulatory technology
The Australian Securities and Investment Commission (ASIC) has published a report (Report 685) on ASIC’s Regtech initiatives during 2019-2020. We’ve spoken previously about the benefits
Should Your Business Invest in a Compliance Management System?
Businesses around the world face challenges in managing regulatory compliance. Compliance requirements and the regulatory environment are constantly changing and there is no ‘one-size-fits-all’ solution.
Spot the difference: Legal vs Compliance
Many large businesses have both in-house legal teams and compliance teams. What is the difference between the two and how do you know if you
Are You putting Your Business at Risk with inadequate Compliance Controls?
History is littered with spectacular compliance failures; from Eron to WorldCom and the shocking findings of Australia’s recent Banking Royal Commission. And yet, we can