As we usher in the promising expanse of 2024, the need for businesses to set the right compliance tone has never been more critical. Setting compliance resolutions isn’t just a ritual; it’s a strategic imperative that positions businesses for success amid dynamic regulatory environments.
Envision a narrative where each corporate decision is a thoughtfully woven thread, contributing to the rich fabric of the company’s legacy. This blog promises a journey through the peaks of environmental sustainability, the valleys of data privacy intricacies, and the vibrant canvas of workplace well-being.
It unfolds a strategic narrative, shedding light on the relentless pursuit of elevated compliance standards within the intricate tapestry of modern business.
We have gone beyond the mundane, offering not just insights but strategic perspectives and actionable resolutions to fortify your organisation’s compliance stance.
Dive into the depths of strategic nuances as we set the stage for a triumphant 2024. Uncover the threads that weave the tapestry of compliance excellence, providing a comprehensive roadmap for businesses not merely to meet standards but to surpass them.
Read the blog to redefine your approach to compliance and chart a course towards unparalleled success.
Key Areas, Regulations and Standards to Comply With
We have highlighted the key areas organisations need to comply with the changing regulations thus strengthening their Compliance game in 2024!
1) Data Privacy and Security:
Adherence to privacy laws is imperative for businesses that collect and store personal information. These regulations intricately outline the procedures and obligations businesses must uphold in handling customer data, particularly concerning its utilisation for direct marketing purposes.
Businesses need to navigate and align with these privacy laws to ensure a responsible and compliant approach to customer information management.
- Strengthen protocols to ensure compliance with data protection regulations.
- Implement cybersecurity measures to safeguard sensitive information.
Organisations need to implement a robust ISO 27001 management system comply with its latest amendments and promote cyber security. This will help them achieve ISO 27001:2022 certification. However, they need to comply with the guidelines provided in ISO 27002:2022.
2) Environmental Sustainability:
- Develop and adhere to eco-friendly practices to meet environmental standards.
- Set sustainability goals to reduce the environmental impact of business operations.
Organisations should implement and comply with the ISO 14001 standard for environmental management.
Finding their ESG (Environmental Social Governance) is one of the important steps to be performed by businesses for sustainable growth and development.
Besides, they should achieve sustainable compliance, and implement SMART (Specific, Measurable Achievable, Relevant, and Time-Bound) goals, and sustainable practices to promote productivity and profit.
Anitech’s experienced consultants can assist organisations in achieving sustainable compliance, and environmental management.
3) Diversity, Equity, and Inclusion:
- Establish diversity and inclusion policies to promote a fair and inclusive workplace.
- Regularly assess and enhance diversity initiatives to ensure compliance with equality standards.
Organisations should promote cross-cultural communication, and organise interactive workshops to promote a creative and collaborative workplace culture.
4) Employment Laws for Employee Well-Being
- Prioritise health and safety measures to comply with workplace safety regulations.
- Implement mental health and well-being programs to support employees.
In the realm of employment, businesses are bound by legal obligations that must be diligently upheld. These obligations encompass ensuring accurate and fair compensation for employees, strict adherence to work health and safety (WHS) regulations and codes of practice, maintaining workers’ compensation insurance for every employee, refraining from actions that may harm an employee’s reputation or cause mental distress, and meeting all requirements about working with vulnerable people or children. Upholding these obligations not only aligns with legal mandates but also fosters a workplace environment that prioritises the well-being and dignity of every team member.
Implementing and complying with ISO 45001 standards is mandatory for organisations in Australia to adhere to workplace safety. Hence, they need to implement a robust ISO 45001 Management System that outlines all the mandatory requirements of the standard.
Organisations need to adhere to and comply with the latest amendment to the Work Health and Safety Act 2011 and Fair Work Legislation Amendment (Closing Loopholes) Act 2023.
Furthermore, to safeguard the mental health of employees, organisations need to comply with the latest regulations to curb psychosocial risks.
5) Supply Chain Transparency:
- Enhance transparency in the supply chain to comply with ethical sourcing standards.
- Regularly audit suppliers to ensure compliance with ethical and legal practices.
Employers in Australia need to comply with the Modern Slavery Amendment (Australian Anti-Slavery Commissioner) Bill 2023, which amends the Modern Slavery Act 2018 to establish the Australian Anti-Slavery Commissioner as an independent statutory office holder in the attorney general’s portfolio.
6) Financial Governance:
- Strengthen financial controls to comply with accounting and auditing standards.
- Implement robust financial reporting systems to ensure transparency.
Australian businesses need to adhere to the Financial Services and Credit Regulation 2024.
Besides, they need to keep a watch on the upcoming financial budget too.
7) Remote Work Policies:
- Develop and update remote work policies to comply with evolving labour laws.
- Ensure fair compensation and benefits for remote employees.
8) Technology and Cybersecurity:
- Regularly update and patch software to comply with cybersecurity best practices.
- Conduct regular cybersecurity training for employees to prevent data breaches.
Furthermore, implementing a robust ISO 27001: 2022 management system and complying with the guidelines provided in ISO 27002: 2022 can help businesses achieve ISO 27001: 2022 certification. This certification is a sign of all mandatory requirements being fulfilled to achieve cyber security as per the latest regulations.
9) Regulatory Changes Monitoring:
- Establish a system to monitor and adapt to changes in industry regulations.
- Ensure timely updates to policies to stay compliant with evolving laws.
Anitech’s ambitious project and Risk and Compliance Software, Lahebo has a facility to notify users of the latest regulatory changes so that they do not miss a step.
Get in touch with us to know more about Lahebo and how it can help in monitoring regulatory changes.
10) Customer Privacy:
- Review and update customer privacy policies to comply with data protection laws.
- Provide clear communication on how customer data is collected and used.
11) Health and Safety Protocols:
- Regularly review and update health and safety protocols in line with industry standards.
- Conduct regular safety training for employees to prevent workplace accidents.
Businesses need to comply with the latest Workplace exposure standards and ensure that air quality, exposure to hazardous chemicals used like crystalline silica dust, flour dust, welding fumes, engineered stone work, and noise levels are below the acceptable limit
Safe Work Australia releases health and safety protocols at regular intervals for organisations to adhere to. Besides Work Safe Victoria has protocols covered for Victoria only.
Experienced consultants from Anitech can notify organisations about the latest health and safety protocols and help employers, as well as employees, understand complex concepts. Our training programs are further tailored to help businesses excel in workplace health and safety practices and prevent accidents and mishaps.
12) Ethical Marketing Practices:
- Ensure marketing campaigns comply with ethical advertising standards.
- Avoid deceptive marketing practices and prioritise transparency.
13) Corporate Social Responsibility (CSR):
Corporate Social Responsibility (CSR) refers to a business practice that involves an organization’s commitment to addressing and managing its social, environmental, and ethical impacts on society. CSR goes beyond the traditional focus on profit maximization and emphasizes a broader responsibility to contribute positively to the well-being of communities, the environment, and various stakeholders.
- Enhance CSR initiatives to contribute positively to the community and environment.
- Regularly communicate CSR efforts and impact to stakeholders.
The Australian Human Rights Commission (the Commission) serves as the nation’s human rights authority, overseeing the implementation of various international human rights standards agreed upon by the Australian government.
Historically, Commission projects have explored diverse facets of corporate responsibility and the intersection of corporate activities with human rights, notably in labour rights, workplace practices, and resource development on Indigenous land. Some notable initiatives include:
“Good Practice; Good Business” – a suite of resources offering practical guidance to businesses on eradicating workplace discrimination and harassment.
“It’s About Time: Women, Men, Work and Family” – an exploration of the need for a new framework supporting a balanced approach between paid work and family responsibilities.
“Access to electronic commerce” – a project enhancing the accessibility of electronic financial services for older Australians and those with disabilities, including voluntary standards for the banking industry.
“Development and Indigenous Land: A Human Rights Approach” – principles addressing resource development on Indigenous land developed by a forum of Indigenous representatives.
“Corporate Social Responsibility, Native Title and Agreement Making” – a report analysing the policies of major mining companies in Australia, offering insights into approaches regarding Indigenous peoples’ rights and interests.
Moreover, the Commission’s routine activities involve handling workplace and service discrimination complaints, reviewing company applications for exemptions under anti-discrimination laws, and intervening in court proceedings related to human rights complaints against companies.
14) Training and Development:
- Invest in ongoing training for employees to stay updated on compliance requirements.
- Develop a culture of continuous learning to adapt to evolving regulations.
Anitech offers industry-specific tailored training solutions to clients based on their requirements.
15) Anti-Corruption Measures:
- Strengthen anti-corruption policies and procedures.
- Conduct regular anti-corruption training for employees.
16) Accessibility Standards:
- Ensure digital platforms and services comply with accessibility standards.
- Make adjustments to improve accessibility for individuals with disabilities.
17) Quality Control and Assurance:
- Implement robust quality control measures to comply with industry standards.
- Regularly audit product or service quality to meet customer expectations.
Organisations need to implement an ISO 9001:2016 standard-based management system to achieve food quality control. Adhering to this standard and complying with the latest changes is mandatory.
Ensure that your organisation complies with the latest food safety regulations like the Food Standards Australia New Zealand (FSANZ) and the food labelling requirements.
Ensure that your business has a strategic (HACCP Hazard Analysis Critical Control Points) plan implemented and that it complies with the latest changes.
18) Contractual Compliance:
- Review and update contractual agreements to ensure compliance with legal requirements.
- Regularly assess and renegotiate contracts to align with business goals.
19) Anti-Discrimination Policies:
- Strengthen anti-discrimination policies to foster an inclusive workplace.
- Conduct diversity and inclusion training to prevent discrimination.
20) International Trade Regulations:
- Stay informed about international trade regulations and compliance requirements.
- Regularly review and update export/import procedures to meet global standards.
Businesses should tailor their compliance resolutions based on their industry, size, and specific regulatory environment. Regular assessments, training programs, and a commitment to ethical practices are essential for sustained compliance improvement.
Anitech can help organisations set the right tone for compliance resolutions in 2024 by letting them know all the rules, regulations and policies to be updated and complied with.
Feel free to call us for a session with our consultants who will help you with your queries and for achieving compliance.
You can call us at 1300 802 163 or e-mail – firstname.lastname@example.org