๐ญ๐ณ ๐ฆ๐ฒ๐ฝ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฌ๐ฎ๐ฐ 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 โ 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 – Itโs 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 itโs 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 organisationโs key values & ethos โ & focus on putting customers at the centre of how the organisation operates. – A compliance professional is, in essence, a gatekeeper โ 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. – Whatโs 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 theyโre 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 whatโs 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 โ a role that is critical in ensuring effective compliance.
