Improving business through compliance: A regulator’s perspective
A speech by Cathie Armour, Commissioner, Australian Securities and Investments Commission to the General Counsel Summit, 4 May 2016.
When asked to speak on the topic of ‘Improving business through compliance’ to a general counsel forum my first reaction was to ask, ‘what do we mean by compliance in this context?’
To us at ASIC, compliance or regulatory compliance is about a firm’s ability to achieve the outcomes it has promised its customers and stakeholders within the law. We think that any regulatory compliance program should reflect the key values and ethos of the firm. Specifically, it should focus on putting customers at the centre of the way the firm operates; rather than solely on a checklist approach to legal obligations.
This is central to achieving compliance from ASIC’s perspective.