Compliance program
Business compliance is the process of making sure your business and employees follow the laws, regulations, standards, and ethical practices that apply to your business.
A compliance program is a set of internal policies, procedures and training modules employed by a business designed to:
- identify and reduce the risk of breaching the Competition and Consumer Act 2010 (CCA)
- remedy any breach that may occur
- create a culture of compliance within the business.
Benefits of a compliance program
Establishing your own compliance program can help you:
- demonstrate your commitment to your compliance obligations
- improve your customer relations by acting in accordance with your obligations under the CCA
- enhance your reputation as a business who treats its consumers and competitors fairly
- effectively assess and manage the risk of breaching the CCA
- remedy any breach of the CCA that may occur and reduce the risk of legal proceedings increase your staff awareness about fair trading laws and obligations.
A compliance program should be tailored to meet the needs of your business. Different components will need to be included in the compliance program to ensure that it’s effective in achieving compliance with the CCA at all levels of business operations.
A compliance program does not just consist of having a staff manual or video to show to all new employees. It requires an ongoing commitment by management to ensure that compliance is part of the businesses overall focus.
Compliance program templates
The Australian Competition and Consumer Commission (ACCC) provides compliance program templates to help you build your program. The templates provide specific examples, such as:
- a compliance program that the ACCC is likely to accept
- a compliance program that resolves a matter after the ACCC has taken enforcement action against a business
- what the ACCC considers advisable for businesses to implement in voluntary compliance programs.
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