The Compliance HUB:  Compliance Management System

The Compliance HUB: Compliance Management System

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In this article, we provide some of the background to the Compliance HUB- an expert Compliance Management System - why we are doing what we are doing, and how our Compliance HUB will benefit you. The Cost of Regulation Regulation can operate as a support and a constraint. If you ask any business owner to name barriers to their business, regulation will undoubtedly be high on the list. Regulation is a multi-billion dollar burden on businesses around the world. In Australia alone, Deloitte has put the total cost of compliance for Australia's economy at $250 billion a year. Deloitte estimates that businesses spend $95 billion a year in an effort to comply with regulation. The typical method of managing regulation involves human capital and external spending on consultants and lawyers. Continued Compliance…
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Establishing an Effective Compliance Program: Five Tips

Establishing an Effective Compliance Program: Five Tips

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An effective corporate compliance program is essential to good governance and risk management. Many businesses have invested significantly in compliance over the last decade yet continue to experience compliance breaches. With a number of recent well-publicised compliance breaches, it is worth considering some of the key characteristics of an effective compliance program. Why have a compliance program? A business that does not have an effective compliance program is at greater risk of non-compliance. Regulators around Australia are actively searching for non-compliance and are often successful in their enforcement efforts against non-compliant businesses. During 2015–16, ASIC completed 1,441 high-intensity surveillances and 175 investigations. ASIC secured 22 criminal convictions and of those 13 resulted in a custodial sentence. During 2015–16, the ACCC was involved in 48 consumer protection court cases (19 new…
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