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A Compliance Procedure outlines the specific steps and actions an organization must take to follow laws, regulations, and industry standards. These procedures help Australian businesses meet their legal obligations under key frameworks like the Corporations Act 2001 and various ASIC requirements.

Well-designed compliance procedures protect companies from risks, fines, and reputation damage by creating clear guidelines for staff. They typically include reporting methods, monitoring systems, staff training requirements, and response plans for potential breaches. Regular updates ensure these procedures stay current with changing regulations and business needs.

Use a Compliance Procedure when your organization needs to maintain consistent standards across operations or respond to new regulatory requirements. This becomes especially important after receiving ASIC directives, entering regulated industries like financial services, or scaling up operations where risks increase.

Many Australian businesses create compliance procedures during key moments: when preparing for audits, training new employees, expanding into new markets, or after experiencing compliance breaches. Having these procedures ready helps teams handle routine compliance tasks efficiently and respond quickly to regulatory changes or investigations.

• Operational Compliance Procedures detail day-to-day requirements for staff, including reporting cycles, checks, and documentation steps
• Risk-Based Procedures focus on high-risk areas, outlining monitoring and controls for specific regulatory concerns
• Industry-Specific Procedures adapt to unique sector requirements, like financial services or healthcare compliance needs
• Incident Response Procedures map out steps for handling breaches, investigations, and corrective actions
• Training and Awareness Procedures establish how staff learn about and maintain compliance standards

• Compliance Officers: Lead the development and maintenance of compliance procedures, ensuring they align with current regulations and company needs
• Legal Teams: Review and validate procedures to ensure they meet Australian legal requirements and industry standards
• Department Managers: Help tailor procedures to their operational areas and oversee staff implementation
• Employees: Follow procedures daily, report issues, and participate in compliance training programs
• External Auditors: Use procedures as benchmarks when assessing organizational compliance and risk management

• Regulatory Review: Identify all relevant Australian laws, ASIC requirements, and industry standards affecting your organization
• Risk Assessment: Map out key compliance risks, control gaps, and operational vulnerabilities specific to your business
• Stakeholder Input: Gather feedback from department heads about practical challenges and existing compliance processes
• Resource Planning: Determine staff responsibilities, training needs, and monitoring systems required
• Documentation Structure: Use our platform to generate a legally sound procedure template that covers all mandatory elements

• Purpose Statement: Clear objectives and scope of the compliance procedure, including relevant regulatory frameworks
• Roles and Responsibilities: Detailed breakdown of who oversees, implements, and monitors compliance activities
• Reporting Requirements: Specific timeframes, formats, and channels for compliance reporting and incident notification
• Risk Controls: Detailed preventive and detective controls, including monitoring processes and documentation requirements
• Review and Updates: Timeline for regular reviews, amendment procedures, and version control processes
• Enforcement Measures: Consequences of non-compliance and corrective action procedures

A Compliance Procedure differs significantly from a Compliance Policy in both scope and application. While they work together, each serves a distinct purpose in your organization's compliance framework.

• Level of Detail: Procedures provide step-by-step instructions for specific compliance tasks, while policies outline broader principles and expectations
• Implementation Focus: Procedures explain how to execute compliance requirements, whereas policies declare what must be done
• Update Frequency: Procedures change more frequently to adapt to operational needs, while policies remain relatively stable
• Target Audience: Procedures guide staff carrying out daily compliance tasks, while policies inform all stakeholders of compliance commitments
• Documentation Hierarchy: Procedures support and implement policies, serving as tactical guides rather than strategic directives