Elements and Performance Criteria
- Identify compliance requirements
- Identify and document statutory, legislative and regulatory requirements relevant to brokerage
- Identify and analyse compliance requirements for implementation
- Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed
- Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis
- Evaluate compliance factors and assess inherent risk
- Establish compliance strategies
- Identify compliance strategy and implementation stakeholder parties
- Identify methods of systematising compliance strategy
- Review cost–benefit variances of proposed compliance strategy
- Identify and review existing strategies
- Identify and assess alternate strategies in consultation with stakeholders
- Select most appropriate strategy to ensure continued compliance
- Establish resource requirements for compliance purposes
- Identify and source technical resources required for compliance purposes
- Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required
- Identify and document compliance requirements for each role in organisation
- Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel
- Implement staff supervision and monitoring processes to ensure staff compliance with requirements
- Implement and maintain compliance systems
- Ensure regulatory requirements are incorporated into operational procedures
- Develop documentation and communication systems that ensure compliance
- Review practices and procedures to ensure compliance
- Identify non-compliance practices and adopt corrective measures
- Identify and promptly attend to irregularities, non-compliance and breaches
- Consult staff to test integrity of systems
- Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate
- Document process for reporting of breaches of laws and regulations
- Ensure all documentation, operational and communication systems are implemented and checked for viability
- Integrate new compliance requirements into work systems as required
- Ensure statutory reporting requirements are met
- Identify reporting requirements and establish reporting timeframes
- Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff
- Prepare statutory reports according to organisational guidelines and statutory requirements
- Check statutory reports for compliance
- Confirm submission of statutory reports with appropriate parties