Elements and Performance Criteria
- Identify the regulatory, taxation and insurance requirements of the business
- Identify regulatory, taxation and insurance requirements that might be relevant to the operation of the business
- Gather information that assists in interpreting and explaining the regulatory, taxation and insurance requirements
- Investigate the relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business
- Develop procedures to ensure compliance and risk minimisation
- Identify business advisers and other sources of assistance relevant to compliance requirements and type of business
- Explain to advisers business type and operations, covering the full scope of the business
- Clarify and confirm compliance requirements and risk minimisation needs with advisers
- Establish sources of advice and specialist services for regulatory, taxation and insurance compliance
- Review advice and procedures against the compliance requirements and their appropriateness for the business
- Implement compliance procedures