Riskology

In this article we’ll look at the changing face of compliance culture in Australia and what is driving it, and discuss the innovative solutions that organisations are using to improve compliance efficiencies and outcomes.

There’s no doubt that 2021 presented some serious challenges for the vast majority of people around the world. As we continued to battle through the COVID-19 pandemic, businesses were also faced with a host of other challenges, from cyber attacks and extreme weather events, to business interruptions due to staff shortages and disruptions to the supply chain.

Many organisations think of compliance as a purely legal practice. While compliance management is the process of making sure your business and employees follow necessary laws, regulations and standards, so there is a strong legal component, it is also very much a behavioural practice. This is because ensuring compliance is often reliant on the cooperation of management and staff. Especially as where, and for some of us how, we work has changed this past year, it's crucial for your staff to understand the key role it plays in your organisation staying compliant and safe. 

A massive component of owning or running an organisation is making sure it is in compliance with external and internal regulations and policies in order to protect it from the risks caused by non-compliance. Compliance risk management is the process of understanding and managing compliance with laws and regulations and helping to better manage the risks associated with non-compliance.

Trends show that risks faced by Australian businesses are rapidly changing and there are new ones to worry about every year. Therefore, the best course of action would be to annually keep aware of and prepare for the biggest risks faced by Australian businesses. To give you some perspective, cyber incidents, which was ranked as the 15th biggest risk for businesses just seven years ago, is now the number one business risk!