Major corporate regulators such as ASIC and the ACCC are setting a heightened regulatory environment across corporate Australia. Operating within a royal-commission environment as well as one driven by political and community action and constantly changing regulation, the need for compliance and transparency in dealing with regulators is paramount.
A trusted, constructive relationship with key regulators is crucial to the short, medium and long term interests of all organisations.
Directors from all sectors should be looking at their business and asking – how do we deal with regulators? Do our engagement strategies work for us?
The reputational damage and loss of member and shareholder value that can arise from regulatory action being taken can be enormous, and hard to recover from. In a booming Australian class action market, it can also mean that companies, and directors, could be adding to the risk of resource-sapping litigation for years.
The task of managing regulator relationships is a significant one. Involving legal, compliance and risk staff, it should also equally stem from the regulator, as well as senior management and board members. Relationships are a two way street. There is a fine line to walk and efforts should be made to ensure the right incentives produce positive behaviours from both regulated firms and regulators.
A firm grasp of the nature and quality of relationships with regulators is also key – whether it be ASIC, the ATO, the ACCC, or other sector-specific regulators. Different regulators will require different engagement strategies.
The Preparing & Responding to Regulatory Review conference will bring together industry sectors with common connections to Australia’s largest corporate regulators. The event will provide a unique opportunity to benchmark your own relationships and prepare your business for future regulatory activity.
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