Spot the difference: Legal vs Compliance

Spot the difference: Legal vs Compliance

AU Energy Compliance, Building and Construction, Consumer, Financial Services, NZ Energy 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 need a legal or a compliance professional? The role of an in-house legal team Of the two, the role of an in-house lawyer is probably more easily defined. Their role involves managing legal risk and providing legal services that support business growth. On a day-to-day basis, this includes reviewing contracts, interpreting the law, managing disputes and litigation, managing employment law matters, and providing legal advice on areas such as privacy law. In-house legal teams are staffed by qualified lawyers and are typically supported by external law firms engaged on panels. Having an in-house lawyer can be a very good investment for a business seeking to…
Read More
Are You putting Your Business at Risk with inadequate Compliance Controls?

Are You putting Your Business at Risk with inadequate Compliance Controls?

AU Energy Compliance, Building and Construction, Consumer, Financial Services, NZ Energy Compliance
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 expect more compliance failures to come. Which begs the two questions- why is that and what can be done about it? In reality, compliance is often seen as an afterthought by business leaders and founders. While founders want to grow innovative and successful businesses, the truth is that a founder’s first priority should be not just building a great company, but on building a great company that can last. Compliance is Critical to the Longevity of a Business While regulation and compliance don't exactly scream "sexy," they are crucial to the longevity of a business [for an interesting article on how to make compliance more…
Read More

Six Questions Every Director Should Be Asking About Compliance

AU Energy Compliance, Building and Construction, Consumer, Financial Services, NZ Energy Compliance
The obligation to ensure adherence to general and specific laws applying to your company’s operations is at the heart of your responsibilities as a company director – both under the Corporations Act 2001 (Cth) and at common law. The most recent set of hearings before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) are a sage reminder of the need for organisations (of all sizes) to reflect on how they are managing issues of governance and compliance within their business. You can follow some of our previous coverage of the Royal Commission here (https://www.compliancequarter.com.au/three-financial-services-compliance-lessons-from-the-royal-commission/#_ftn1). By The consequences of failing to meet your obligations as a director can potentially expose the organisation to actions by shareholders, along with civil penalty enforcement action by the…
Read More
Future Directions for Compliance in the Construction and Building Industry

Future Directions for Compliance in the Construction and Building Industry

Building and Construction
On 27 April the Building Ministers’ forum (BMF) met to discuss recommendations in the final report ‘Building Confidence – Improving the effectiveness of compliance and enforcement systems for the building and construction industry across Australia’ (the Report).[1] In this article we look at some compliance and enforcement recommendations contained in the Report. This will be of interest to any business in Australia involved in construction or property development. [caption id="attachment_4253" align="aligncenter" width="640"] Sydney Australia, 2 May 2018. Photo Connor[/caption] By Dr Drew Donnelly, Compliance Quarter. Background to Compliance in Construction: The Report The Report was independently commissioned by the BMF to independently assess compliance and enforcement problems within compliance in construction systems across Australia. It is aimed at strengthening implementation of the National Construction Code across jurisdictions (states and territories).…
Read More