Compliance Management System for Nonprofit Organizations

Running head: COMPLIANCE MANAGEMENT SYSTEM 1
Compliance Management System
Name of the Student
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COMPLIANCE MANAGEMENT SYSTEM 2
Table of Contents
1.0 Introduction................................................................................................................................3
1.1 Budget for Compliance..........................................................................................................3
1.2 Research Methodology..........................................................................................................4
1.3 Tools to capture the organizational data................................................................................4
2.0 Compliance Requirement..........................................................................................................4
2.1 Internal compliance requirements..........................................................................................4
2.2 External compliance requirements........................................................................................5
2.3 Industry compliance requirements.........................................................................................6
3.0 Compliance effects....................................................................................................................7
3.1 Area affected..........................................................................................................................7
3.2 Risk........................................................................................................................................8
3.3 Penalties.................................................................................................................................8
3.4 Risk minimization..................................................................................................................9
4.0 Compliance system..................................................................................................................10
4.1 Available systems................................................................................................................10
4.2 Components.........................................................................................................................11
4.3 Standards..............................................................................................................................11
4.4 Comparison of system.........................................................................................................12
5.0 Recommended system components.........................................................................................14

COMPLIANCE MANAGEMENT SYSTEM 3
6.0 References................................................................................................................................15

COMPLIANCE MANAGEMENT SYSTEM 4
1.0 Introduction
Compliance management system (CMS) is an integrated system which is the collection of
all the documents, processes, functions, controls and tools that the organization required to
comply with the legal requirements. The system is integrated into every functional part of the
organization that helps in the minimization of the risk of violation of the laws.
The charity-care is last nonprofit Charity organization that requires a compliance
management system. The organization is limited by guarantee under the Corporation Act 2001
and is registered under Charity act of Queensland and collection act 1966. The following acts are
required to be safeguarded while performing the functions of by the organization. The chart is
also registered for GST and has an Australian business number which requires it to pay taxes and
information to the government about its operations. For the implementation of good compliance
management system, the compliance requirements of the organization are required to be
discovered. Through the requirements, the relevant risks of the organization are required to be
addressed. The problems and issues of the organization are required to be mitigated by the
compliance management system. It ensures the safety of the organization and its customers by
meeting the compliance obligations.
1.1 Budget for Compliance
Objective Regulations Budget Year
Annual financial
recording
ASIC $24000 2017
compliance
monitoring
ASIC $22000 2018
Risk management ACNC $16000 2018