They may seem a bothersome burden at best but compliance is neglected at a broker’s peril. Here’s how to lighten the load.
Oversight is vital
Ensure there is management commitment to compliance that encompasses the whole organisation from the top down, no exclusions.
Set your priorities
Appoint a compliance manager with sufficient authority to get things done. These managers should work with brokers to prioritise and make time for compliance, even if it means shuffling other work commitments to ensure it gets done.
Spread your web
Network with other compliance professionals, sharing details of management techniques and processes that have proved successful within your firm.
Seek external advice where necessary. There are a lot of avenues available for compliance advice, such as compliance consultants and law firms who specialise in advice for financial service businesses.
There are a lot of tasks involved with compliance that take someone with good organisational skills to stay on top of.
Go by the book
Ensure policies and procedures are fully documented, up-to-date and readily accessible. This also falls under the category of managing people. It is very hard to performance manage someone who is acting non-compliant if you haven’t given them proper policies and procedures.
Keep your ears open
Subscribe to newsletters and publications to stay on top of changes to compliance requirements and other legislation impacting the industry. Various avenues to seek free advice include, workshops and newsletter hosted by law firms and ASIC.
Train for compliance
Make sure staff are qualified and that they have the skills and knowledge to do their job, which is different to having the right qualifications. It’s imperative that organisations commit to the continuing development of their staff.
Use automated compliance tools. Whether you design your own or use an existing structure, automated programs will ensure that meeting requirements is a seamless process.
Use many hands
Spread the compliance load across different people in the organisation.