Compliance problems can bring down a business almost as quickly and completely as the controlled demolition of a building, leaving nothing but rubble and destruction behind. This might sound overly dramatic, but it’s essentially true. Compliance regulations come from government, licensing organisations, industry associations, and other bodies which can directly control the way your business…
Regulatory compliance is an ever-growing and evolving landscape that must be navigated. It’s not optional. We don’t have the choice to stay in our own space and ignore what’s going on throughout that landscape, we have to keep moving through it.
For independent auditors and compliance consultants, taking on larger volumes of work can be difficult without the right people and processes to make it work. In a competitive environment, establishing a niche client base that can trust your services is essential.
Peak bodies and industry associations are facing ever-changing and demanding compliance responsibilities. New laws, codes and regulations are making the compliance landscape ever more complex. Jurisdictions and mandatory inspection schedules are also increasing, adding pressure on already limited compliance resources.
With business moving faster than ever in our digital age, disruptive companies and industries are offering consumers new and exciting options that have never been available before. At the same time, they are causing headaches for governments and regulatory bodies since legislation and regulations can’t seem to keep up with the speed of the changes. With regulations uncertain, compliance becomes a nebulous situation.
On June 21, a bus carrying passengers from a P&O cruise ship on an excursion in Vanuatu crashed into a local bus, injuring 12 of the Australian vacationers and killing 3 locals. According to at least one law firm, the cruise passengers are in a strong position to sue, which could result in P&O having to pay out a “considerable sum”. Apparently P&O had the passengers sign legal waivers which attempted to limit the liability of the cruise line for actions of their agents onshore, something which is reportedly unenforceable under the Australian Consumer Law.
Your supply chain is essentially a set of successive contractual arrangements designed to provide you with goods and services that you either use internally or pass on to your customers. This is typically a controlled process, best described as a network with contract conditions and oversight so that your organisation can retain control over the quality of the product you are sourcing.
If you’re an exporter, last week’s shock result in the UK’s ‘Brexit’ referendum has thrown the importance of supply chain management into the spotlight. Britain’s decision to leave the European Union has rocked markets worldwide, and The Australian reports that some executives and advisers are cooling off on corporate deal-making as boards wait to see how currencies settle and reassess the risk of doing business in Britain.
The AIIA is Australia’s peak representative body and advocacy group representing the information technology and telecommunications industry.
In order for any organisation to meet its goals, it has to seriously concentrate on three things: Governance, Risk Management, and Compliance, known collectively as GRC. These three areas have quite a bit of overlap, which is why they are often treated as three parts of a single area.