FNSACC413 - Legal Compliance Procedure for Financial Services - AT1

This assignment presents a detailed legal compliance procedure developed by a student for the FNSACC413 unit. The procedure outlines a strategy for maintaining organizational compliance with legislative and industry requirements. It includes strategies such as mentoring new legislation, defining requirements, integrating change control and project management procedures. The assignment defines roles and responsibilities, identifies regulatory and authoritative sources of information, and establishes a review strategy to ensure ongoing compliance. Furthermore, it specifies timelines and timeframes for meeting statutory deadlines, including GST, superannuation, and PAYG, offering a comprehensive guide to legal compliance within a financial services context. This assignment is a portfolio of evidence focusing on legal systems and compliance within the financial services industry.

Assessment Task 1 – Q2: Procedure Template
File Name: Your Name AT1 Attempt 1
NOTE: This should be included in the same file as Assessment Task 1 – Q1
Your Name
Purpose
The purpose of this procedure is to develop the strategy for maintaining the organizational
compliance related to each type of legislative and industry requirements. The purpose of this
procedure is to make the policies and procedure that are easily accessible to the employees and
promote collaboration within the organization. The aim of the policy procedure is to benefit the
divisional leaders in leveraging more information and explaining how the policies would be best
received in the organization.
Scope
The scope of this compliance procedure is to promote Employment and health and safety
legislation as the minimum standard for corporate policies.
Strategy to maintain compliance with all forms of legislative and
industry requirements
The strategies to align with the organizational compliance and security goals are as follows;
Mentoring the new or the potential legislation and the regulatory pronouncements: This can be
done by identifying and subscribing to the services that monitor and alerts about the new and
upcoming regulatory rulings for the company.
Defining the requirements for meeting the new compliance requirements: A risk analysis and gap
analysis can be done. Furthermore, defining the requirements of the business and updating the
policies would help in supporting the new and changed needs of compliance.
Integrating with the change control procedure: A control procedure should be implemented to
assure control and compliance are maintained over the time. Any kind of changes to the applications
and systems must be included to the review and the control process should be updated to allow the
production.
Integrating with the project management procedure: Modification to the project management
methods will be included into meeting the regulatory requirements. This would help in delivering
the success factors for each of the project.
Roles and responsibilities – clearly identifying your own
The roles and responsibilities are as follows;
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a. To design and develop the strategies for change management and includes the
initiatives that would support the higher performance culture.
b. To support the specific performance improvement initiatives with the help of new
behavioural competency.
c. To recognize the opportunities for undertaking the internal diagnosis procedure and
probable solutions for performing good practice and new ideas.
Regulatory sources of information
The numerous and relevant piece of legislation are as follows;
a. An Australian Business Number (ABN)
b. The Goods and Service Tax (GST)
c. Pay as you go (PAYG) withholding
d. A tax file number (TFN)
e. Work Health and Safety (OHS) Acts
Authoritative sources to verify activities and information
The authoritative source that are relevant to the procedure is the Fair Works Australia. The
information provided by the Fair Works Australia that are relevant to the organizational compliance
procedure includes the following;
a. The minimum national employment standards that are applicable to the employees
b. Minimum wages and equal remuneration
c. Rights and accountabilities of the employees, employers and the organisation
d. Injunctions against the industrial actions
e. Protection from unfair dismissals
Review strategy to ensure ongoing organisational compliance
Board and Senior Management Oversight A compliance committee would be set up to
help the senior management to administer the
compliance programme. A review procedure
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would be implemented to identify and develop
the regulatory requirements.
Compliance Program A review of compliance program would be
conducted to provide the employees with the
information that are necessary to perform the
organizational duties.
Compliance Training The compliance education and training
programme for the employees would be
updated on the frequent basis to match up with
the current and accurate information on the
business operations that are applicable to the
organization.
Monitoring Corrective Actions A review relating to the compliance monitoring
procedure would be performed to confirm that
the deficiencies are addressed for both the
internal and external audits.
Compliance Audit An independent compliance review would be
performed to ensure that the protection laws,
regulations and adherence with internal
policies are maintained.
Strategy to check for legislative changes
No need to do this as you have already completed it above in ‘Strategy to maintain
compliance…’
Timelines and timeframes to meet statutory deadlines
GST Quarter 1 (July, August and September) 28th
October
Quarter 2 (October, November and December)
28th February
Quarter 3 (January, February and March) 28th
April
Quarter 4: (April, May and June) 28th July
Superannuation 28th October – Quarter 1
28th January – Quarter 2
28th April - Quarter 3
28th July – Quarter 4
PAYG 14th July
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