Modernising Compliance Management

The importance of managing compliance risk in Australia has never been so evident. High-profile compliance risk failures continue to generate headlines as organisations pay record fines, navigate Board and Executive Management departures, and suffer reputational damage. The consequences include customer harm, diminished customer trust and heightened regulatory scrutiny.

Regrettably, the catalyst for compliance risk uplift in some organisations has been at the point of failure. Failures are often triggered where a compliance obligation was not understood at the time, or where the compliance obligation was understood, but arrangements to operationalise compliance within the business were not in place.

No two organisations are the same. It follows that the end-to-end operating model for compliance management and the journey of uplift necessarily looks different in every organisation. However, the lessons learned and innovations to forge the way for scaled compliance uplift present significant opportunity for those looking to modernise compliance management.