If you are sitting at your desk thinking “how can I best update my compliance plan?” here are a few quick examples that can be used as a guide to help with matters relevant to your business:
1. Checklist with licence conditions
A summary checklist can help you keep track of your obligations and timeframes set for each requirement.
2. Monitoring Compliance
Credit licensees need to keep records of their monitoring and reporting to ASIC.
3. Training Register
Keep a record of applicable employee’s training to prove to ASIC that they are competent to engage in credit activities.
4. Risk Management Plan
Identify the most critical risks that the business may face. What systems are in place? Who monitors and reviews your risk management systems?
5. Checklist for client files
Are you keeping the appropriate information and asking the right questions of your client?
Your compliance plan should cover how you will meet your credit obligations under the legislation. A written plan serves to clarify the obligations that apply to your business, who in your business is responsible for monitoring compliance with those obligations, what steps will be taken to monitor compliance, and how often this will happen. It also provides a record of what has been done, so you can review your procedures and performance periodically (asic.gov.au).
For full details about your compliance obligations make sure you read Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205).