HSBC made history this week by agreeing to pay a record $1.92 billion in settlement for failing to enforce rules designed to prevent the proceeds of criminal activity finding its way into the financial system. While the huge sum of money ensured sensational news headlines, the Deferred Prosecution Agreement signed by HSBC offers valuable information […]
The Tangible Benefits of an Online Compliance Program Before I get into the number crunching, let’s revisit a few of the intangible benefits of a compliance program, because although they may not be producing direct profit for the organisation, these benefits are still helping to generate value and improve overall business performance. Intangible benefits of […]
Over the last few years, organisations have begun to realise that their reputation, far from being some intangible, unquantifiable element of their business, is actually one of their biggest assets. A good reputation ensures the confidence and trust of all the stakeholders in the business such as customers, suppliers, investors, regulators and employees. This confidence […]
Safetrac announces another successful year at the LearnX Impact Awards Asia Pacific 2015, winning Platinum and Silver awards. Safetrac has claimed the Platinum award for Best Learning Compliance Program for the fifth successive year. This unprecedented record validates Safetrac as one of the leading compliance training companies in Asia/Pacific. Throughout the past five years Safetrac has […]
Is Your Business Meeting its Environmental Obligations? Environmental protection legislation is consistently being reviewed, with new laws being passed regularly at commonwealth, state and local government level. This new legislation contains severe penalties for environmental offenders, so it is vital as a business that you know what your environmental obligations are and how to meet them. If […]
As with most professions these days, financial advisers are subject to a number of regulations and standards put in place by governments to protect consumers and investors. Financial advice is a very personal affair, requiring intimate knowledge of a customer’s finances and having a direct impact on that person’s financial future. Whatever kind of advice […]
If you’re in the business of lending money for personal use, then you have a range of obligations under the National Consumer Credit Protection Act. The NCCP is a nationally consistent legislation that is designed to protect consumers and ensure the finance and credit industries operate in an ethical manner, according to professional standards. Its […]
How it Impacts your Business Running a business is tough enough these days, without the added risk of the ‘enemy from within’. Bribery or corruption can have serious implications for your business. It can mean investigation, the risk of criminal prosecution, damage to your reputation and to your share price if you are a listed […]
Equal opportunity is now a business buzz word. This is largely due to the growing number of harassment and discrimination cases being brought before the courts. It’s also due to the fact that it’s the employers, not the perpetrators who are receiving the fines, because equal opportunity legislation puts the onus of responsibility squarely on […]
Cartel behaviour is not the most widely discussed area of competition and consumer law (CCL), and according to research by University of Melbourne it is largely misunderstood by people operating in the business sector. However, cartels cause significant damage to the markets in which they operate. By participating in anti-competitive conduct, cartels drive prices higher, […]
Australian business and market regulators are becoming more assertive in enforcing legal compliance and many regulators are being afforded more power to pursue suspects. Both the ACCC and ASIC, for example, have recently been given more power to investigate suspicious activities, and the maximum penalties and fines for those found guilty of offences have been […]
Whistle blowers represent both a threat and an opportunity for compliance officers. The obvious threat for compliance officers is that an employee who has identified an area of non-compliance within the company chooses to report the issue to an external regulator, the ramifications of which may include heavy penalties for the company. New whistle blower […]
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