Fit for Purpose: Strategies for Effective Implementation of Regulations

Publisher:
Australasian Compliance Institute
Publication Type:
Journal Article
Citation:
Compliance and Regulatory Journal, 2008, 2008 (5), pp. 33 - 38
Issue Date:
2008-01
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This article considers how organisations should respond to new or changed regulations. Based on an examination of regulations in Australia, three features are identified that provide insights into the appropriate implementation focus: the mandatory nature of regulations, their complexity and duration. A strategic response framework using these features is presented to guide the choice of an approach that is 'fit for purpose' by targeting efforts and resources to achieve the intended outcome of the regulation. This also provides a rationale and value proposition when discussing the implementation approach with the business. Recommendations about the activities for each approach are provided.
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