Compliance Checkpoint

The extent of our auditing services provided the motivation for us to shift the process of data collection and management from manual to digital. Paul and Cindy worked with developer Tony Stephenson and an in-house software application was developed to streamline and automate the auditing process.

Tony eventually joined Compliance Experts as a partner and the software soon evolved, with additional functionality facilitating the identification of trends and patterns in audit data for our larger clients. This further enabled us to provide more sophisticated and targeted advice on audit processes.

It wasn’t long before our clients saw potential in our audit software and expressed interest in using it themselves. We began the lengthy process of transitioning the application from an in-house tool to a commercial product. That product, now known as Compliance Checkpoint, was launched in 2003. It provided an industry scale tool that not only provided organisations with a highly efficient audit workflow but also allowed them to turn the data they collected into a powerful source of business intelligence (B.I.).

The adoption of Compliance Checkpoint as the preferred compliance monitoring solution of the Australian Securities Exchange (ASX) soon saw them expressing the desire for greater collaboration capabilities. They wanted their participants (i.e. ASX listed participants) to be able to self-assess their compliance with ASX listing rules,  while the responsibility for regulatory oversight remained centralised with ASX. Further development of Compliance Checkpoint to support this saw it become a compliance monitoring tool rather than an auditing tool. (You can read the ASX case study here.)

A natural evolution of this additional functionality saw Compliance Checkpoint adopted by peak bodies, industry associations and industry regulators: organisations that provide registration, licensing, accreditation and certification. Our industry expertise combined with our software allowed such organisations to pass the responsibility for audits onto their members, while providing the ‘lead’ organisation with real-time compliance monitoring and data analysis – true end-to-end capability. (Bus Safety Victoria is one example.)