Compliance Australia offers a variety of products and services relating to corporate governance, regulatory compliance, business ethics and risk management. We support most sectors of the finance industry, including banking, investment banking, funds management, insurance, superannuation, financial planning and stockbroking, as well as commercial, resources, infrastructure and industrial organisations.

Over time our services have evolved to reflect the increasing focus on corporate governance and enterprise risk management in conjunction with regulatory compliance. We now offer a fully integrated Governance, Risk and Compliance program for directors and senior managers, including benchmarking, performance enhancement and executive coaching at a strategic level combined with operational policies, procedures, support and training.

“Corporate governance is “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations”. It encompasses the mechanisms by which companies, and those in control, are held to account. Corporate governance influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how
performance is optimised.”

The Global Financial Crisis and attendant spate of corporate collapses in Australia and internationally has resulted in an unprecedented focus on Corporate Governance and the role that Directors play in overseeing the affairs of corporations. It is fair to say that there has never been more attention paid to risk management and compliance in particular, whilst there is also growing awareness of the need for a sound corporate culture. We find that Directors are taking a keen interest in these issues as they seek to find the balance between informed risk taking and prudent corporate practices.

We have the team and the experience to guide directors and senior management as they confront these challenges.

Our integrated Governance, Risk and Compliance program is designed to assist clients with a Corporate Governance framework that delivers effective stewardship and management; a Risk Management program that is conducive to informed risk taking; a Compliance Program that satisfies key regulatory obligations and a robust Corporate Culture.

Our strength lies in the broad range of skills, qualifications and experience of our team members. Our consultants include senior directors, professional risk and compliance consultants, accredited trainers and respected academics. We also have close relationships with other consultants in areas such as board and executive compensation, change management and executive mentoring and coaching that complement our services.

We offer rates that most professional firms find hard to match. When you engage with us our senior consultants actually deliver the service, rather than simply being the contact point at the start and finish of the engagement. In other words you get the dedicated attention of experienced professionals at very competitive rates.

Following are details of our key services:

CORPORATE GOVERNANCE OVERVIEW

Corporate governance has been defined as “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations”.  It is quite a challenge to establish this framework in today’s complex business environment. Directors have to balance the competing demands of charting the strategic direction of their organisation, managing corporate and personal risks; appointing, mentoring and compensating the corporate team as well as meeting the expectations of many internal and external stakeholders.

We bring all of these issues into perspective utilising an in depth review of existing corporate governance, benchmarked against Australian and international best practice, including the ASX Corporate Governance Principles. The review considers the governance framework, terms of engagement for directors and senior management, strategic planning, reporting to the board, delegation by the board, corporate culture, risk management, audit and compliance. We identify areas of strengths and weaknesses accompanied by input to improve overall board and corporate effectiveness.

BOARD PERFORMANCE AND CONFORMANCE

In addition to the Corporate Governance Overview we offer a more detailed assessment of board composition, performance, conformance and compensation. We work with directors to assess and improve the credentials, skills and ongoing performance of the board as whole as well as individual directors using surveys, workshops and individual coaching.

ENTERPRISE RISK MANAGEMENT

ERM involves an integrated approach to managing risks and seizing opportunities. ERM provides a risk management framework which typically involves identifying particular events or circumstances relevant to the organization’s objectives, assessing them in terms of likelihood and magnitude of impact, determining a response strategy and monitoring progress. By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall. Our team specialises in the design and implementation of ERM programs, including risk identification workshops, culture, policies, procedures, training and ongoing review and reporting.

LEGAL AND REGULATORY COMPLIANCE

The legal and regulatory burden imposed on organisations and directors continues to increase at a rapid pace. The challenge for directors and senior management is to meet key regulatory obligations whilst maintaining a focus in taking advantage of business opportunities. The first step involves identifying key regulatory obligations & adopting a risk based compliance program.

We work with directors and senior management to identify the key legal obligations that impact on them and the organisation, including the Corporations Act, the Trade Practices Act, various Federal and State environmental and occupational health and safety acts, together with case studies covering findings by the courts in. Once the key regulatory obligations are identified we work with management to establish a program to manage, monitor and report on compliance with these obligations and to keep abreast of changes in the regulatory landscape. We also offer advisory services when dealing with regulatory inquiries and investigations. As part of our compliance service we can also arrange advice on insurance options to mitigate personal and corporate risks and legal liabilities.

BUSINESS ETHICS

Ethical leadership – We offer a workshop designed to empower directors in setting and monitoring corporate culture.  The workshop cover issues such as ethical awareness, reasoning and decision making, corporate social responsibility, codes of conduct and ethics, accountability and responsibility, conflicts of interest & whistle blowing.

Organisational ethics – following on from the leadership program we assist in the roll out of a cultural awareness program.  The focus is on ethical awareness for all staff so that they have a set of values that can be applied consistently across the organisation. We also advise on issues such as whistle blowing, internal dispute resolution, counselling for individual employees and resolution of ethical dilemmas.

To find out more about our Governance Advisory Services please call Greg Goodman on 0411 825 458.

“Today, risks don’t fit into easy categories or emerge from pre-determined place. They assault from all sides. It may surprise you to know that at least half of all corporate crises are caused by senior management action rather than external forces. I firmly believe that the most successful, least crisis-prone businesses will be those whose boards have shown firm resolve and taken decisive action. Effective, integrated strategies for dealing with tomorrow’s risks require a change in culture at board level now.”

So said  Lord Peter Levene, who hit the nail on the head when he spoke at the World Affairs Council. His comments resonate as they capture the essence of the challenge in risk management. Firstly, there are predictable and unpredictable risks, with the latter the most diffcult to manage. Secondly, management often contribute greatly to risk failures through ignorance or poor judgement. Thirdly, an integrated enterprise approach is needed. Lastly, it is the role of directors to ultimately take responsiblity and show leadership for risk management.

At Compliance Australia our perspective is that every business decision involves risk taking. The challenge is to to make such decisions in an informed manner to ensure maximum benefit and “no surprises”. While the term Enterprise Risk is now in common usage, in our experience very few organisations have a genuine enterprise wide risk system, while many have no system of risk assessment or management at all.

While there are  a number of risk guidelines and  standards there is very little practical guidance for directors who need to respond to the strategic risk oversight challenge. At Compliance Australia we have distilled the many reference points into a diagnostic program designed to assist with the identification and management of risk at both a strategic and operational level .  The program commences with a series of interviews with internal and external stakeholders which leads to a risk register outlining the raw risks. We then work through those risks to assist directors and senior management to determine their risk appetite for each significant risk. Once the risk appetite is agreed we then work with key internal stakeholders within the business to implement risk mitigation and management procedures to meet the agreed appetite. Finally we establish risk monitoring and reporting procedures to ensure that the risks are being managed as intended going forward.

Of course this is a very potted summary of a complex issue. To find our more about our Risk Management Consulting Services please call Greg Goodman on 0411 825 458.

Every Corporate Governance, Compliance and Risk Management program should include structured training and education for directors, management, employees and service providers. For those organisations subject to the licensing regime under the Corporation’s Act, the Trade Practices Act and the Anti Money Laundering and Counter Terrorism Financing Act there are more prescriptive training and competency requirements that must be satisfied.

At Compliance Australia we can provide training programs for a wide range of topics including:

• Anti Money Laundering
• Directors Duties
• Trade Practices
• Business Ethics
• AFSL Licencing
• Market Misconduct, including Insider Trading
• Continuous Disclosure
• Responsible Manager duties
• Occupational Health & Safety
• Privacy

We have found that the most effective approach to training involves tailored solutions delivered face to face with our clients in small group sessions. As most of our consultants are accredited, experienced trainers we are able to design and implement practical training programs that provide excellent value.

Compliance Australia works closely with Compliance & Risk Management Recruitment (www.crmrecruitment.com.au). Their focus is on the placement of compliance, audit and risk management professionals on a permanent or contract basis. Their approach is to ensure that they represent the interests of both the client and candidates to ensure a close alignment for both parties. They use their knowledge of the compliance and risk management professions to ensure that the knowledge, skills and experience of candidates are commensurate with their client’s requirements.

They have an extensive network of candidates and potential candidates, which allows them to assist clients to fill positions in a cost and time efficient manner. Conversely their relationship with clients has evolved so that they are able to assist most candidates to satisfy their career aspirations.

CRM Recruitment are also able to source directors, committee members and responsible managers and to advise on conditions in the recruitment market.