Elements and Performance Criteria
- Identify regulatory, taxation and insurance requirements of the business
- Identify regulatory, taxation and insurance requirements that might be relevant to operation of the business
- Gather information that assists in interpreting and explaining regulatory, taxation and insurance requirements
- Investigate relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business
- Develop procedures to ensure compliance and risk minimisation
- Identify business advisers and other sources of assistance relevant to compliance requirements and business type
- Explain business type and operations to advisers, covering full scope of the business
- Clarify and confirm compliance requirements and risk minimisation needs with advisers
- Establish sources of advice and specialist services for regulatory, taxation and insurance compliance
- Review advice and procedures against compliance requirements and their appropriateness for the business
- Implement compliance procedures