Today we are pleased to announce a number of updates to the Compliance HUB. The focus of our most recent updates has been on integration with our clients’ existing data sets, contracts and regulatory obligations.

Imagine a system that can track your compliance obligations, lists controls, manage your obligations with respect to reporting and track the work you have done on your compliance program. This is what we offer:

 Inexpensive and flexible subscription

 Instant obligation identification (keyword search)

 Premium Regulatory Updates (written by experts and our legal team)

 Manage Reporting Obligations

 Demonstrate a comprehensive Compliance Plan

 

 

What is Compliance?

Compliance is the process of ensuring that your practices are consistent with your legal obligations. The consequences of non-compliance are usually significant, including fines and a reduction in how your business can operate.

Compliance is a difficult endeavour, it is up to each business to understand the obligations that apply to their business, to obtain and operate under licences and to identify non-compliance. There have been a number of very significant breaches recently, often resulting in fines of millions of dollars.

You are likely to have obligations that apply to how you sell and market your products and services, how you respond to complaints and defects, how you manage employees including their safety, and how you manage corporate governance.

Every Pty Ltd business must comply with the Corporations Act. Directors have a number of specific obligations and can face personal liability for non-compliance.

The Essential Elements of a Compliance Plan

To achieve compliance it is necessary for your business to want to comply, for the directors and managers of the business to want to see compliance, and for you to have the tools and resources required.

Compliance Quarter has a number of experts that can help you understand the obligations that apply to your business. This is the first step. We have developed automated assessment tools that extract key obligations and review your existing compliance plan.

Compliance HUB

The Compliance HUB has three main sections: the Registry (listing your obligations and controls), the Controls (including tasks, training and documents, and Automation (coming soon).

The Compliance HUB consists of the following modules:

  1. Registry: the Registry will list obligations applicable to your business, categorised according to likelihood and consequence of a breach. Predictive searching allows for immediate recall of obligations relevant to a search term. Controls may be listed in the registry against each obligation (Controls are grouped modules). The Registry will be updated when regulatory changes come into effect or when the business operates in a new regulatory area.
  2. Training: Custom units will be developed for clients in this module. Units in the training and assessment module include WHS, Consumer Law, and AML.
  3. Documents: the Documents module includes all of the policies and procedures of your business, as well as source regulatory documentation. The documents in the Documents module are cross-linked to the Registry, where documents are controls for regulatory obligations.
  4. Calendar: the Calendar module will list all regulatory reporting obligations and other relevant dates. The Calendar itself is a control in compliance with the obligation to submit reports to regulatory bodies.
  5. Forms: any potential breaches of obligations can be captured by the forms included in the Forms module. Potential breach reports are then immediately sent to the compliance committee for assessment and action.
  6. Updates: the Updates module is made up of regulatory updates published by Compliance Quarter. Paid clients will have access to exclusive content and on subscription content regarding their business. Regulatory updates will be published where changes to regulation are likely or where other important developments have occurred. The Compliance HUB has the capability to measure how long staff have taken to read a regulatory update.

Coming soon:

  1. Automation: We are introducing the ability for you to automatically generate or review legal documents. A suite of standard documents will be included for a basic subscription. Custom documents i.e. customer contracts can be added on.
  2. Dashboard: The dashboard will allow you to see a snapshot of your compliance program. You will be able to see your regulatory risk profile in a heat map, upcoming tasks and calendar items and overdue task.

We live in the age of Technology, use it to your advantage

The Compliance HUB is a significant advantage that your business can access in managing its compliance obligations. The Compliance HUB will track and measure your compliance and demonstrate the effectiveness of your compliance plan to regulators and other stakeholders. We have implemented automated document generation and review that removes the need for long and expensive review.

We offer a low-cost subscription model and access to our ‘offline’ experts. Send an email to [email protected] if you would like a free trial.

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