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25.01.2022 The third piece of the compliance puzzle, after Strategy and Culture, is Process. You know Compliance is something your organisation should implement, but how to do it? There's always the fall back position of do nothing, but that's a very risky solution. One step up from there is accepting declarations from people in the organisation that compliance requirements are being met without any further investigation or proof. You can develop a compliance overlay, distribute it, and... assume it's being implemented, with potentially some level of checking as part of the process. Or you can take a more integrative approach, where you develop a process, implement it, and then follow up in a comprehensive way to ensure it is being followed throughout the organisation. This shouldn't be a one-off process, but one where checks are repeated on a regular basis. See more

23.01.2022 Today we're looking at how Compliance differs from Risk, as it's something that organisations struggle to get clarity around. Organisational Risk (ISO 31000) - Determined by the organisation - Balance loss with opportunity... - Consequences for noncompliance Compliance (AS 3806/ISO 19600) - Externally imposed - Must be addressed - Penalties often apply for noncompliance Essentially, the difference is that risk is internally determined and the organisation determines whether or not to address the risk identified based on the consequences of not doing so. Compliance is externaly imposed, with an organisation incurring a penalty if they fail to comply. Both, however, are alike in requiring internal controls.

22.01.2022 When talking about Compliance, company culture is a big piece of the equation. But what does that mean, exactly? The list of factors that mesh together to form a company's culture is long, but here's a few to get started with: 1. A commitment to compliance that permeates the organisation 2. Company policy aligns with compliance strategy and objectives 3. Resources are allocated to the compliance program... 4. Management endorses the compliance strategy and objectives 5. Compliance obligations are identified and assessed 6. Compliance responsibilities are clearly articulated and assigned The list continues next time! See more

21.01.2022 We hope you've enjoyed our series on the 9 Stages of Risk Management. One thing is clear - risk management is important, but nailing it is hard. There are a lot of reasons why that's the case, but usually it comes down to not having the rights tools to do the job. You need tools to automate the communications processes. These need to seamlessly flow through to mitigation and improvement. The system must engage everyone in risk management, rather than centralise it to one pe...rson. Finally, any good risk management software must make what’s happening (or not happening!) transparent, with great reports. That's where RelianSys can help. Our Risk Management Software incorporates a systems approach to managing risk. This draws on extensive experience and understanding of how organisations actually work. It’s flexible, and easy to use. It’s equally effective from the smallest to the largest organization, and across the range of industry types. Contact us today to find out how we can help you take the hassle out of managing the risk management process. Find out more at our website https://www.reliansys.com.au/governance-products-solutio//

21.01.2022 Did you know that compliance can be broken down into a formula? S x C x P > SE where S = Strategy, C = Culture, P = Process, SE = Social Expectations.... Essentially, this makes it clear that Compliance requires a total governance approach. It's not enough to just focus on one area - compliance needs to be aligned and addressed across multiple fronts in order to meet the expectations of society. Given that Compliance repeatedly ranks amongst the top strategic risks for organisations today, potentially impacting costs, producitivity and effectiveness, it's an area that needs to be addressed fully. The problem is that it's increasing, and time spent on compliance is time taken away from other productive work within the company. Developing a comprehensive strategy to handle compliance is essential for a company to be effective in meeting expectations, while still allowing key personnel to focus on their primary roles.

19.01.2022 The moment has arrived! The final step in the Risk Management Process 9. Records Keeping good records showing how risk management is being applied is an absolute must. You need to keep documented evidence of every stage, covering both methods and sources of information, as well as risk treatments. This gives you auditable evidence of the application of your risk management strategy, which is valuable both for decision-making purposes and to prove the integrity of your process.

19.01.2022 Now the risks have been identified, the next steps of Risk Management are to: 5. Analyse and 6. Evaluate the Risks Analysis provides the data needed to make informed decisions about the prioritisation of risk treatment. First start with the existing risk controls, then determine the likelihood and consequences of the risk. This takes place in context with a range of factors, including experience, historical information, research, performance and stakeholder input.... After analysis, rank and prioritise the risks for treatment purposes. This goes back to the risk framework established earlier in the risk management process. If some risks are deemed to be of a high level, then further investigation and analysis may be necessary before determining a treatment plan.

15.01.2022 What are the next steps in Risk Management? 2. Establish the Context Risk is defined as an opportunity for something to occur that can impact objectives, so the simplest place to start is the organisational strategy, followed by internal objectives by department. From there, progress on to the things that could impact those objectives; political/legal, economic, social, technological, trends and global issues. Finally, determine the scope of the risk management activities you are going to undertake. This gives you clear boundaries, intended outcomes and a logical approach to identify and manage risks throughout the organisation.

14.01.2022 Assuming that you've decided to take an integrative approach to Compliance in your organisation, how do you implement it? One way would be that you give one or more people in the organisation the role of scanning for compliance updates. This can often be quite effective in simple compliance environments, but as complexity rises, issues will start to surface. One of the most obvious is that this type of activity is a very low productivity one for people in the organisation, so can come with a high price tag. Even worse, more complexity makes it difficult to determine who should be designated to monitor which compliance elements, hard to confirm that the scanning is being undertaken, and cohesive reporting becomes increasingly problematic. Stay tuned for other solutions!

14.01.2022 Continuing our series on Regulatory Compliance, let's look at a fourth option for dealing with this challenge in your organisation. THE COMPLIANCE OVERLAY When organisations are under resourced, often an individual within the team is given the task of dealing with compliance, but only to the extent that it does not disrupt core business. A prime example can be found on the website of a well-regarded Australian university; pages devoted to regulatory compliance contain a ...list of headings, a brief summing up of what is required, and whether they think they comply all sections of the Act dealt with in one comment. While this is understandable, it does not protect organisations from penalties when an audit or event reveals that the handling of compliance lacks attention to detail, and while it is easy to blame the person given this task (who, during an audit has often left the organisation), ultimately, responsibility falls on the manager or CEO, and non-compliance will reflect badly on the organisation as a whole. This approach is a waste of resources if it only serves to highlight an organisation’s negligence. It may also cause stakeholders to ask, If this is how they deal with compliance, how do they deal with other things? See more

13.01.2022 We hope you've been enjoying our series of posts dealing with the regulatory compliance challenge. The good news is that RelianSys has a solution! How exactly, does our software work? ... Compliance by RelianSys was developed by business managers and consultants after working closely with organisations of all sizes, both public and private. It aligns with existing management and workflow systems, making deployment and navigation easy. When compliance software is embedded in your processes, instead of responsibility falling to one person, it is deployed throughout the organisation. Features such as online legislative content updates, full automation of all compliance requirements, action plans, reminders, escalations and easy to read reports, mean that managers can relax, knowing their compliance issues are being dealt with on a regular basis. This systematic approach is also the least costly. In ‘The True Cost of Compliance’, the Ponemon Institute LLC reveals that while doing the bare minimum is almost inviting financial disaster, an automated preventative compliance management program reduces costs associated with non-compliance by over 80%. The compliance load on Local Government is unlikely to diminish any time soon. However, with Compliance by RelianSys, the burden of compliance may finally be a thing of the past. You can find out more at our website https://www.reliansys.com.au/governance-products-solutio// Or get in touch with us for a free product demonstration. https://www.reliansys.com.au/contact-me/

12.01.2022 In this post, we're going to take a look at Compliance. First up what is ‘Compliance’? Here are a couple of definitions: Compliance - Adhering to the requirements of laws, industry and organizational standards and codes, principles of good governance and accepted community and ethical standards. AS 3806-2006... Legal compliance (due diligence) - Effective control of legal risks in order to ensure that the law is complied with. HB1331999 So where does compliance originate from? Generall, legal & regulatory compliance tends to be imposed when. Minimum community expectations need to be met Reliable outcomes need to be assured Protection of the vulnerable needs to be ensured Markets need to be guided or controlled Transparency is needed Stakeholder confidence needs to be maintained So essentially, Compliance is about risk management. In fact, it's legislated risk management in order to achieve societal objectives.

08.01.2022 Continuing our series on dealing with the regulatory compliance challenge, this week we have... 5. INTEGRATED SYSTEM APPROACH The fifth approach involves acknowledging compliance is a strategic risk which requires strategic planning. ... To start with, consider these things: - Determine compliance requirements prior to implementation - Agree upon deployment of responsibility - Develop effective reporting systems in order to analyse compliance profiles and subsequent action required It's possible to take charge and tackle compliance issues head on, even if it seems overwhelming at first. Identifying and managing compliance can be done easily and efficiently thanks to recent innovations in IT. Many organisations have benefited from integrated compliance software, designed to streamline compliance management processes and allow you to respond quickly to changes in regulation. A Corporate Services Director in a council explained it this way; Our Corporate Plan is supported by our Strategic Risk Register. We’ve identified compliance as a strategic risk. Your software and legislative content provides the tools to manage it.

08.01.2022 Continuing our series on Risk Management, next is: 3. Establish the Risk Framework Develop criteria for measuring risk in terms of how likely risks are to impact on your objectives, as well as the consequences if they do occur. This is commonly known as a risk matrix . Risks are generally ranked from 1 to 5 in terms of likelihood, but consequences can fall into many categories, including financial, quality, environmental, health and safety, asset and business disruption. By bringing together likelihood and consequence, we can establish a risk rating. For example if something is almost certain with a consequence of fatality, we would obviously give that the highest risk rating of Extreme.

08.01.2022 Next up in our series on Risk Management is: 4. Identify the Risks Identifying risk is best undertaken by a mulidisciplinary team conducting a systematic review of processes and asking what could possibly go wrong, or what better result could be achieved. It's important to have at least one or two people with an indepth understanding of the processes involved, and the team should include people from all levels of management. Stakeholders who either interface with the processes or may incur consequences from risks (both positive or negative) can also provide valuable input. The review needs to be systematic, starting with interfaces, working through the whole process until the end interfaces take place. Ad hoc or intuitive approaches make it more likely important risks may not be identified.

07.01.2022 When you thought Risk Treatment was the final step in the Risk Management Process, you were wrong! 8. Monitor and Review Once you've implemented all the previous risk management steps, the next step is to monitor the process. This should involve regular reviews and reporting. Over time it's possible for risk likelihood and consequences to change, so risk profiles need to be monitored in order to identify those changes when they occur. Once observed, your risk treatment plan ...needs to be tweaked in accordance with the original parameters, including time, resources and responsibilities. It's also important for management to measure any improvements that were made, and demonstrate that due diligence has been observed in the treatments applied. This could incorporate appropriate KPIs being established, trended and monitored.

04.01.2022 Let's continue the list of factors that work together to form a company's culture. 7. The company addresses competence & training needs 8. Behavioural expectations are expressed and applied 9. Controls are in place to manage compliance and achieve desired behaviours... 10. The compliance program's performance is monitored, measured and reported 11. The compliance program can be demonstrated both through documentation and practice 12. Regular reviews and continual improvement of the compliance program See more

03.01.2022 The next stage in our risk management strategy is: 7. Treat the Risks Identifying and evaluating risk is important, but only really of value if risk treatment is the next step. Your strategy depends on the organisation's objectives. Some will aim for absolute minimum risk no matter what, whereas others accept normal practice risk levels for their industry.... Treating risks involves a number of priorities and methods. For negative risks, this can range from avoiding the risk altogether, reducing likelihood or consequence of risk, through to accepting the risk and developing contingencies. You can also focus on positive outcomes, including determining outcomes to pursue, improving consequences and sharing or retention of the opportunity. Any risk treatment needs to be undertaken in a planned way allowing it to be monitored and evidenced. Analysis should determine the best treatment method, consider costs and benefits, allow for social and legal issues, as well as stakeholder perceptions.

03.01.2022 In an era of rate capping where resources are less and time is money, if any local government wants to be efficient, then they need to explore this software, it’s as simple as that. Read more about what our customers have to say about Delegations and our suite of products at: https://www.reliansys.com.au/what-our-customers-are-saying/

02.01.2022 Let's talk about Risk Management! For any company, risk management is an essential part of good management and governance. Ongoing improvement in decision making leads to better outcomes in all aspects of the business. Although risk management often focuses on avoiding or mitigating loss, it can also be a pathway to identifying opportunities. So where do you start?... First up, you need to identify and involve the people who have an interest in the process, and therefore the risks, which need to be managed. It's better to take a broad and inclusive approach to communication, in order to gather as much relevant information as possible. This allows development of the correct context, identification, prioritisation and analysis of risks. Encourage participants to feel some ownership of the process, ensuring the commitment needed to achieve the desired risk management outcomes.