Governance & Compliance
“As dorky as it sounds, we love compliance,” said no one at a party. Lucky for us we’re not at a party! Lodestar legal is a one-stop shop for all the governance and compliance needs of your business. Our goal is to help you achieve success in multiple ways, so that your company can continue growing year after year.
Maximizing Business Efficiency through Governance and Compliance
Business management involves a lot of complex problems, making it difficult to achieve the best results. The good news is that you don’t have to apply all your resources on each project separately. Governance and compliance can improve every aspect of your company’s operation: from risk management to transparency in decision-making, quality control as well as reputation building.
What Does Governance and Compliance Mean?
Governance and compliance are two words that may not seem related at first glance. But they’re actually very similar, which is why we’re going to talk about them together. Good governance and compliance go hand in hand; good governance helps to ensure that an organization is abiding by the rules, regulations, and laws it needs to adhere to in order to remain compliant.
The systems, procedures, and values that an organization is guided and controlled by are referred to as governance. Governance in an organization is a way of ensuring that the decisions taken and actions performed are in accordance with its mission, vision, goals and values . In Australian law, good governance typically entails abiding by the Corporations Act 2001, which outlines the responsibilities of shareholders in the management and operation of a business. Good governance is essential for the proper functioning of any business, regardless of its size or scope.
Compliance is the process of following rules, regulations, standards, and laws that apply to an organization. In Australia, compliance with laws and regulations is mandatory, and companies can face significant fines and penalties if they fail to comply. Examples of laws that impact business operations in Australia include consumer protection laws, privacy laws, health and safety regulations, and environmental laws.
Simplifying Governance and Compliance
If you want to understand the difference between governance and compliance in layman’s term, consider this: governance is like a coach. It makes sure you’re doing the right things in order to achieve your goals.
Compliance is more like a parent. It helps guide you along the way—but it also expects some things from you.
If you think of governance as an instructor at school who helps you form the right habits, then compliance is like your mom or dad telling you that going out in public wearing your tracksuit will look embarrassing, so don’t do it.
Importance of Governance and Compliance
Governance and compliance are integral to the business of any organization. It is important that you understand what governance and compliance is, why it matters, and how they help your company’s bottom line.
A range of organisations across many industries have now recognised the benefits of developing a robust governance and compliance program that can be managed effectively by their internal teams. This approach provides consistency across all parts of the organisation as well as ensures that all stakeholders understand their responsibilities at all levels within their organisation.
The benefits of governance and compliance in Australian companies
- Improved risk management: By following governance and compliance requirements, companies can better identify and manage potential risks to their operations.
- Increased transparency: Good governance and compliance practices promote transparency and accountability, helping to build trust with stakeholders.
- Better decision-making: A robust governance framework can help ensure that key decisions are made in a consistent and transparent manner.
- Improved reputation: Companies that demonstrate a commitment to governance and compliance are often seen as more trustworthy and reliable, enhancing their reputation in the marketplace.
- Increased customer confidence: Compliance with consumer protection laws and other regulations can help build customer confidence and increase customer loyalty.
- Enhanced legal protection: By following governance and compliance requirements, companies can reduce their exposure to legal liability and potential legal action.
- Improved financial performance: A strong governance framework can support effective decision-making and risk management, leading to improved financial performance over the long term.
How Can We Help?
If you’re a CEO, you know that managing a business involves a lot of complex problems. But it can be hard to find the time to work on each of these issues separately–especially when they’re all interconnected.
That’s where we come in! We understand that managing a business involves a lot of complex problems, making it difficult to achieve the best results. The good news is that you don’t have to apply all your resources on each project separately. Governance and compliance in Australia can improve every aspect of your company’s operation: from risk management to transparency in decision-making, quality control as well as reputation building.
Our Services Cover All Aspects of Governance and Compliance to Meet Your Business Needs
- Anti-money laundering
- Appeal of HR decisions
- Disciplinary procedure for employees
- Employee Share Option Plans
- Governance protocols
- Product Recall manual
- Privacy & Data Protection
- Records management
- Trade Practices manual
- Website Update protocols
- Whistleblower policy and management
We believe that our approach is unique because we understand how important it is for companies like yours to be compliant with regulations and standards set by government. We hope we managed to convince you of the importance of adopting strong corporate governance and compliance policies.
If you’re interested, we can elaborate further on any particular aspect or concern that you or your company may have.
Book a consultation today.
Would you like to talk to someone now?
Get a quote or book a consultation.
You may know what you want, or maybe you don’t where to start. Let us help.