Risk and Compliance

Risk and Compliance

Compliance and risk management for financial services

Risk and Compliance is a fundamental component of financial services. With a growing set of regulatory and operational compliance requirements, organisations are under increased pressure. Today compliance goes beyond regulation. Society demands rigorous standards of integrity in financial services and internal control. The compliance function is an integral part of the corporate governance structure, augmenting and strengthening other aspects of control and risk management.

Regulatory liabilities can be significant, so organisations look for ways to protect themselves as enforcement becomes more assertive.

What is compliance?

Compliance is the provision of services that facilitate an organisation identifying and meeting its obligations whether they arise from laws, regulations, contract, industry standards, or internal policy. Achieving effective and efficient compliance requires:

  • commitment and leadership from the Board and the CEO
  • analysis of requirements and identification of risks, requirements and exposures
  • development of systems and procedures
  • the creation of an organisation-wide compliance culture.

Why is compliance important?

Sound governance is the cornerstone of compliance.

For us to have confidence in our financial institutions, in the suppliers of products and service we consume, in the actions of Government authorities, we must be able to trust that the organisations we deal with uphold the laws and values of our community – whether it is a massive multi-national, public utility, local council, small business or sole trader.

Compliance is not simply about meeting one’s legal obligations. Nor should it be a monolithic, unproductive system that unreasonably burdens organisations.

A properly implemented compliance system seamlessly integrates compliance, risk management, governance and ethics into the fundamental business processes, reducing risk and improving quality workflow.

Get in touch when

  • It’s time to review, top-up or shake up your training to engage your learners.

  • You want to ensure your employees are adequately trained and supported in their roles.

  • You want to stay on top of regulatory changes and future operating environments.

  • You value your team and want them to grow and stay.

Contact Us

Regulatory News

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    Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024

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  • 25 November 2024

    ASIC update on maintenance of regulatory guides

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    APRA publishes Chair John Lonsdale’s speech on geopolitical risk

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  • 20 November 2024
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    End-to-end accountability: Remarks to Association of Superannuation Funds of Australia Conference 2024

    Banking, insurance, and superannuation entities are all encouraged to review...
  • 14 November 2024
  • 14 November 2024

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    In 2025, ASIC’s enforcement priorities will focus on: Misconduct exploiting...
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    ASIC Deputy Chair Sarah Court said, ‘Delays in claims processing...
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    APRA amends operational risk financial requirements for superannuation trustees

    The Australian Prudential Regulation Authority (APRA) has amended the prudential...
  • 24 October 2024
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  • 22 October 2024

    APRA releases letter to RSE licensees on intensified supervision approach

    The Australian Prudential Regulation Authority (APRA) has written to all...
  • 22 October 2024

    ASIC annual report underscores transformation

    ASIC’s program of transformation continued in 2023–24, according to the...
  • 18 October 2024

    Court rules Harvey Norman and Latitude advertising misled consumers

    The Federal Court today ruled Latitude Finance Australia and Harvey...
  • 25 September 2024

    ASIC’s Vanguard greenwashing action results in record $12.9 million penalty

    The Federal Court today ordered Vanguard Investments Australia to pay...
  • 18 September 2024

    ASIC urges businesses to prepare for mandatory climate reporting

    From 1 January 2025, many large Australian businesses and financial...
  • 11 September 2024

    AML/CTF Amendment Bill introduced in Parliament

    Set to take full effect from 1 July 2026 (with...