Encouraging organisations to do more than just comply with regulations
- Australasian Compliance Institute
- Publication Type:
- Journal Article
- Compliance and Regulatory Journal, 2009, Dec 2009 (7), pp. 28 - 38
- Issue Date:
This article presents the results of a survey undertaken in mid 2009, the first of its type in Australia, that explored how organisations implement new or amended regulations and what influences their approach, particularly to do more than the minimum. Using an online survey two types of regulations in Australia were investigated: financial services sector and occupational health and safety regulations. For both types of regulation, higher levels of success with implementation of current regulations was found to be the most important factor in encouraging organisations to be proactive and do more next time. Interestingly, factors such as cost, enforcement and organisation size were not found to directly influence how organisation responded. The study also identified regulation-specific dynamics at play indicating a need for flexibility when introducing regulations rather than a "one size fits all" approach. These findings raise a number of practical implications for compliance professionals, policy designers and regulators that provide both an opportunity and a challenge. These include the need for actions to support organisations to be more successful when introducing regulations, to develop business relevant benefits to gain support for implementation of regulations and to pace the introduction of regulations to ensure they are implemented effectively.
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