Legislative Compliance

Are you comfortable that your organisation is appropriately managing it’s legislative requirements so to avoid embarrassing penalties and personal fines?

Alarmingly, for breaches of the anti-money laundering laws, two major banks have been recently fined $700m and $1.3b, damaging both the organisation’s and director’s reputations. Regulators appear to be more empowered and active with enforcing compliance.  This is compounded by the ever increasing amount of newly enacted obligations.

As such, it is important to establish controls to minimise the risk of legislative breaches.  JNW has conducted numerous compliance assurance audits, from mapping the regulatory landscape, to evaluating the policies and processes in place to monitor and report on compliance.

JNW also works with regulators to help refine and enhance their legislative frameworks, as well as assist them confirm regulated entities compliance.

Our Legislative Compliance Solutions are risk based and designed to:

  1. Protect Officers and Directors;
  2. Help you comply;
  3. Confirm the adequacy of control over high risk compliance obligations;
  4. Strengthen and make more efficient oversight processes; and
  5. Assist Regulators obtain assurance to meet their obligations. 

Our regulatory assurance insights provide organisations with strategic direction for compliance with legislation and government policy.  For Regulators, it provides them with an audit skill set to obtain compliance comfort.

Specific Regulatory Compliance services include:

Legislative Compliance Audit

Legislative Compliance Audit

Evaluation of the effectiveness of the regulatory compliance framework

Strategic Regulatory Framework Advice

Strategic Regulatory Framework Advice

Develop policy, compliance monitoring and breach reporting

Legislative Compliance HealthChecker

To learn more about JNW’s Legislative Compliance HealthChecker, please click on the “learn more” button below

Examples of who we work with and our broad Legislative and Regulatory Compliance experiences

Essential Services Commission

  • Provided advice on the local government regulatory principles
  • Advised on the governance controls required to support the VDO pricing model
  • Provided technical advice on Water’s Regulatory Accounting Code, National Performance Framework and the Water Performance Indicator Definitions
  • For the past seven years, for the 19 water businesses, conducted Regulatory Accounting Statements Code compliance audits, attesting reported numbers against audited financial statements
  • As part of the ESC’s “Fair Go Rate System” obligations to monitor Local Councils’ compliance with the rate cap, conducted a high level assessment via a survey and council visits and developed a Better Practice Property & Rates Database Controls Framework

Ridley Corporation Ltd (ASX Listed agricultural company)

  • Evolved an online six monthly Statutory Controls & Risk Self-Assessment (SCRSA) survey to seek assurances of compliance and certification sign-off, across the business, relied on by the CEO and CFO to meet their S295A and Principle 7 obligations
  • Undertook a Health & Safety framework assessment to determine the effectiveness of controls implemented to manage compliance with the Occupational Health & Safety Act and AS/NZS 4801:2001
  • Completed a snapshot assessment of the control environment supporting payroll payments compliance with award pay rates across a range of Awards, with a focus on the Better Off Overall Test

Nexus Mutual (Exxon Mobil’s staff bank)

  • Conducted a Management Self-Assessment HealthCheck against APRA’s Prudential Inquiry Report into CBA.  This assessment against APRA’s 35 recommendations on governance, culture and accountability practices, provided insights into the organisations board and management governance frameworks

Victorian Local Governance Association

  • Provided advice on the rate capping regime, including transition timeline, issues, and governance risks

City of Melbourne (CoM)

  • For the Community Development department, reviewed the regulatory and accreditation framework.  This included evaluating policies and procedures, processes for identifying applicable legislation, monitoring compliance steps, controls for identifying any new or changed legislation and compliance reporting

Melton City Council

  • For a major event that was sponsored, assessed compliance against Section 193 Entrepreneurial Powers of the Local Government Act and Ministerial Guideline, to identify any possible exposures