Being a ‘compliant business’ is what every AFSL holder wants. However it’s not that easy and even businesses with the best of intentions fall short (and in some cases, well short) of their obligations.
AFSL compliance is complicated and has to be considered in light of a businesses’ commercial, legal and regulatory requirements. Often compliance is considered in isolation, which is simply wrong.
It’s often the case that each level of the business may be more vested in certain levers (i.e. revenue, compliance), which usually leads to internal divisions and, ultimately, inconsistencies in compliance expectations and outcomes within a business.
While the focus is usually on client-facing staff, compliance issues usually arise from decisions made ‘up the chain’. This is often unintentional and representative of responsibility and accountability deficiencies within each pillar of a typical risk and compliance division.
What does this mean? It means that a ‘whole of firm’ approach is ultimately required to be a compliant business. Just hiring an external compliance provider simply won’t cut it.
We have prepared a summary of the common issues that manifest at each risk and compliance pillar and how they can be rectified to produce better and more consistent compliance outcomes.
We’re engaged by financial services firms in various capacities. If you would like to discuss how we can make your business compliant, don’t hesitate to get in touch.