Essential guide to the compliance management framework

Compliance management

Compliance management is necessary for managing risks, adhering to work safe laws and ensuring operational efficiency. A structured compliance management framework is crucial for smooth operational effectiveness and helps you ensure you’ve adhered to all regulatory obligations.

From identifying risks to implementing controls, following the correct policies and procedures, meeting legal standards and continued improvements, a well-developed compliance management framework is vital for effective compliance activities.

Understanding compliance obligations

Legal and ethical

There are many legal and ethical compliance requirements that need to be followed. For example, the privacy act 1998 and APRA prudential standards CPS 234.

There are also other industry standards you may be required to meet such as PCI DSS if handling cardholder data or ISO/IEC 27001 for information security. Engage a qualified compliance consultant to establish what your obligations are.

Risk assessments

Risk assessments are a key element of compliance management. Ensure you embed structured risk assessments within your framework such as ISO 37301, ISO 27001, and NIST CSF and follow an approved process.

Identify risks - Establish potential risks within your business.

Impact and likelihood - What is the potential impact if this risk occurs? And is it likely to happen?

Prioritising risks - Out of the risks established, prioritise the risk(s) that are most likely to occur and focus more resources on these areas.

Control measures - Implement control measures to mitigate risks such as policies, procedures, training and continuous monitoring.

Ongoing review - Continually monitor the risk and control measures. Keep on top of changing regulations.

Changing regulatory obligations

Rules and regulations are continually evolving and updating and can vary based on industry, location and the type of business you’re operating. Ensure you’re staying on top of these everchanging rules so you can stay compliant and legal.

3 managers walking through a construction site

Compliance framework

Work with your qualified compliance consultant and relevant stakeholders to develop your compliance framework.

Industry standards and frameworks

Establish which industry standards and frameworks need to be adhered to.

Policies and procedures

Outline all policies and procedures such as legal, regulatory, technology, risk management, ethics, governance, audits, staff training, HR, financial etc.

Risk assessments

Complete detailed and regular risk assessments for establishing risks, control measures and keeping on top of changing regulations.

Training

Training for both new and established employees ensures career/role safety and development, helps to identify gaps and meet and maintain compliance.

Continuous monitoring

Continual monitoring, assessments and reviews help to ensure ongoing compliance, identify new or emerging risks and gaps, and improve processes.

Reporting and data

Ensure you’re collecting, storing and verifying all documentation. This is vital for effective reporting capabilities, compliance obligations and data insights.

Compliance policy

Your compliance policy should be communicated across your organisation - to all employees and management.

Implementing compliance frameworks should involve consultation with key stakeholders and senior management. It reflects a company’s commitment to compliance culture and ethics, mitigates risks and helps you ensure you’re meeting industry standards.

There are compliance frameworks, such as ISO 19600:2015 compliance management, that you can incorporate into your processes to ensure you’re continually meeting compliance regulations. It’s important to establish which frameworks are suitable from industry, national and global (if relevant) standards.

National Compliance Policy

Ensure your organisation is meeting standards associated with the National Compliance and Enforcement policy and relevant regulatory requirements.

Transparent and well-maintained compliance, reporting, disclosure and record keeping is vital to ensure relevant laws and regulations are adhered to.

Meeting these regulatory requirements is also important for ensuring stakeholder trust and confidence, as well as external contractors, ultimately protecting your reputation and bottom line.

Continuous improvement

Continuous improvement allows you to ensure you’re regularly reviewing your processes, identifying gaps and evolving your compliance management framework.

This allows you to stay on top of compliance, catch potential risks and hazards, meet ever-changing regulations, stay prepared for external audits and keep your business and workforce safe.

A construction site manager giving a thumbs-up

Compliance management systems

A compliance management onboarding system allows you to train your workers, collect, store and verify policies, procedures, documentation and licences, maintain records, and facilitate visitor sign-in.

Grace Clueit

Marketing Manager

This article was written by Grace Clueit, Altora’s Marketing Manager. Grace has significant experience in marketing and writing.

This content was 100% human-created.