Compliance breaches happen in all businesses. Breach reporting and management is a valuable tool for an organisation to ensure the effectiveness and relevance of its policies and procedures and maintain compliance with regulatory and legislative obligations.
Breach reporting for the credit and financial services sector as a concept was introduced in March 2002 in the Corporations Act. The concept, however, never reached the enactment stage. In December 2020, the Federal Parliament made breach reporting reforms a law after they endorsed the recommendations of the Financial Services Royal Commission and ASIC Enforcement Review Taskforce.
The breach reporting reforms will help address long-standing concerns of the industry by making the reporting consistent, clearer, and timely. The law requires credit and AFS licensees to diligently record and report on any significant breach or likely significant to ASIC or APRA.
This course has been designed to equip learners with the current requirements and prepare them for the legislative and regulatory changes ahead.
