Australia takes lead role in international compliance standard

Compliance systems ensure organisations meet their obligations

Compliance is an outcome of an organisation meeting its obligations. An effective organisation-wide compliance program will result in an organisation being able to demonstrate its commitment to compliance with legislative requirements, industry codes, organisational standards as well as standards of good corporate governance, ethics and community expectations.

Standards Australia recently announced Australia will be taking a lead role in developing the world’s first international compliance standard; and the work that has been undertaken for AS 3806 – 2006 Compliance programs will be advantageous for the development of the international standard. Australia will be hosting a newly formed International Organisation for Standardization (ISO) committee and will hold the role of secretariat for Project Committee ISO/PC 271 – Compliance programs. The standard will be designed to ultimately increase market confidence, increase consumer confidence and improve outcomes for government, consumers and investors.

The Standards Australia Technical Committee QR-014 Compliance Systems will actively engage in national and international standards development on compliance management under the auspices of ISO PC 271. CFA representative John Henry has been appointed to the committee.