Companies operating in Australia are exposed to an array of evolving regulatory frameworks.

Keeping pace with constant regulatory change can be a huge drain on resources – especially now when risk and compliance budgets are tight.

Key pressure points

  • The growing complexity of regulatory environments
  • Snowballing data and reporting requirements
  • Heightened regulatory scrutiny
  • Conflicting laws across jurisdictions
  • More pressure to demonstrate proof of compliance

If not managed strategically, these factors can drive up the cost of doing business.

But be wary of growing complacent

Eye-watering fines for regulatory non-compliance continue to make headlines.

In the global financial industry alone, from the financial crisis until the end of 2019, firms have been fined
USD$ 36 billion.

And in the privacy sphere, the Australian Government is introducing tougher privacy laws with higher penalties for non-compliance. For example, the maximum penalty of AUD$ 2.1 million for serious or repeated breaches will increase to whichever of the following amounts are greater:

> AUD$10 million

> 3 x the value of “any benefit obtained through the misuse of information”

> 10% of annual Australian turnover

To stay in the lawmakers’ good graces, avoid crippling fines and maintain customer trust, your business needs a strategy for managing compliance masterfully.

How can you stay ahead of the game?

Modern technology can help you cope with complexity and use compliance resources more flexibly.

While off-the-shelf regulatory technology (RegTech) platforms can play a valuable role, they are sometimes out of reach – from a cost and time-to-value point of view – for many businesses.

As an alternative, an agile intelligent automation solution that harnesses capabilities like RPA, low-code DPA and AI can deliver results in a fast and scalable way, without displacing existing IT systems.

Working together, these technologies can help you manage compliance more flexibly and strategically. And because they’re not function-specific, you can use these tools to transform other business areas – building the resilience needed to survive the crisis and thrive in 2021 and beyond.

Next steps

Ultimately, effective compliance management is about more than just avoiding penalties. It’s also about building an ethical organisational culture, treating customers fairly and earning people’s trust.

Intelligent automation can help your organisation achieve these goals, but you need to take the first step.

If not now, when?

If you’re not sure where to begin, ask about rapidMATION’s 10-day Proof of Value (PoV) Pack, which allows you to experience the power of intelligent automation in action, without having to commit to any software purchase upfront.

Ready to give intelligent automation a go?

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