Regulatory remedial services
Ensure you meet regulators' expectations
Over the past few years we have seen an increased number of actions taken by the regulator against organisations failing to comply with their regulatory obligations. This is evidenced by the number of disqualification decisions made by the Australian Prudential Regulation Authority (APRA) and enforceable undertakings accepted by the Australian Securities and Investments Commission (ASIC).
In June 2007, ASIC released four standard templates to assist those organisations considering entering into an enforceable undertaking. This followed the release in March 2007 of a guide which clarifies ASIC’s approach to accepting an enforceable undertaking under the ASIC Act 2001.
Whether you are an organisation currently dealing with an enforceable undertaking or not, it is particularly important you are able to pinpoint your areas of non-compliance. Key questions your organisation should be considering are:
- Is an end to end process review required to identify all issues or do you need to focus on certain specific issues?
- What level of interaction is required with the regulator?
- Do you have the resources to deal with an enforceable undertaking while dealing with business as usual issues?
- Are the processes you have in place to determine customer compensation sufficiently robust?
- Is the Board reporting process sound?
Deloitte is regularly engaged by organisations to conduct mock surveillance visits. We also act as compliance expert, providing advisory services to organisations that have been subject to enforceable undertakings.
Contact a member of our team to discuss how we can help you.