Good compliance procedures are the responsibility of all employees of a company and is something that needs to be embedded in the culture of an organisation, according to the Assistant Treasurer Nick Sherry.
"The presence of accredited compliance professionals within an organisation will help to promote a culture of compliance throughout that business," Sherry told delegates yesterday at the Australian Compliance Institute annual conference in Sydney.
"By working closely with auditors, lawyers and risk managers, compliance professionals can ensure management is fully aware of its legal and ethical obligations," he said.
"In this way compliance professionals play an important role in shaping the organisational culture and operation of their company."
The current global economic environment has highlighted the need for good governance practices, the minister said.
"The global financial crisis has also raised awareness of the value of the compliance industry," he said.
On the whole Australia's compliance record was of a high standard, according to Sherry.
"As an example, ASIC recently announced its review of the 31 December 2008 financial reports. It did not reveal any significant non-compliance with financial reporting obligations," he said.
The regulator did, however, emphasise the importance for company directors and auditors to continue to closely monitor the areas of compliance that are likely to be most affected by the global financial crisis, Sherry said.
