𝗦𝗽𝗲𝗲𝗰𝗵 𝗯𝘆 𝗔𝗦𝗜𝗖 𝗖𝗵𝗮𝗶𝗿 𝗝𝗼𝗲 𝗟𝗼𝗻𝗴𝗼 𝗮𝘁 𝘁𝗵𝗲 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗲 𝗔𝗻𝗻𝘂𝗮𝗹 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲

𝟭𝟳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰

ASIC Chair Joe Longo has provided some great insights talking about the role of the compliance professional.

Key points:

– the role of a compliance professional is a critically important one. You are part of the fabric of the business – not only to help your organisation meet its legal obligations, but to help create an ethical culture, where employees act in the best interests of its customers

– It’s the role of the directors of a company to set the tone, establish & lead a culture of compliance. This includes monitoring the arrangements the company has in place to ensure compliance with regulatory obligations. But it’s the compliance professionals who are closer to the nuts & bolts of how the business runs. They actually do the work to support & implement those arrangements.

– An effective regulatory compliance program must reflect the organisation’s key values & ethos – & focus on putting customers at the centre of how the organisation operates.

– A compliance professional is, in essence, a gatekeeper – a trusted adviser to the board, relied on for well-thought-out advice.

– Written policies & procedures provide the framework for compliance. Systems, processes, & technology can be used to underpin & support compliance. But compliance in practice requires a culture of integrity, ethics, & trust.

– What’s needed is an attitude of compliance, based on a curious mind that asks the right questions. Questions like: What are our obligations? What are the risks? How can we manage them? What systems & controls should be in place to ensure we meet our obligations? Is what we are doing both legal & ethical? How can we make sure they’re being followed? Do I have an open line to the board? Am I keeping them informed?

– Your role (as a compliance professional) is to refine the systems & controls, & to call out what’s working & what can be improved. That will enable the board to look ahead to spot the risks, think about how to balance the legal & commercial perspectives, & monitor the compliance arrangements that the company has in place.

– And so, more than ever, you play an influential & strategic role in the boardroom – a role that is critical in ensuring effective compliance.