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GRC Professional : GRC Summer 2012
29 much easier,” she says. “For example, when they deliver agreements and compliance manuals, they now have all the steps written down in front of them and if they are setting up a new business section, the form letter contains a series of questions for which I need an answer. By putting it in these form letters, it means they won’t forget to ask something of the client, and reduces the time it may take sending emails back and forth. If nothing has been forgotten, it speeds up the process and we can deliver a response almost immediately. “It also helps our customers and clients. I think when someone who is not familiar with terms like legal risk and compliance, they see it as a roadblock, but when we show them the simple process we have designed and explain that if they meet the criteria they are across the line, they know it can be easier for them as well.” The ongoing journey Corica instituted a Compliance Working Directory that contains all compliance reporting-related reports and documents with ‘tracked changes’ and ‘comment boxes’ to allow all participants to include their portions of their reports, as a lot of business divisions are always travelling. This system means busy executives and managers can edit sections relevant to them when delivering reports such as the Financial Ombudsmen Service Code Review documents, and the Internal Audits and Risk and Compliance Committee. Not only does it save time, it allows participants from all divisions to amend and add comments to often large documents, reducing printing and loss of circulating documents. Wherever possible, Corica has set up as many online processes and facilities with the regulatory authorities such as ASIC, APRA, Citec searches, business name renewals, NZ dashboard for FSR registrations/renewals, automatic online payments and police checks. She scans all compliance-related documents and uploads them into the system so employees can access them at any time from anywhere. “Compliance doesn’t exist in a vacuum. It’s been an interesting journey being part of the legislative change and seeing the growth in the financial services industry since that time – transparency and self-monitoring and assisting clients to better know their rights. The customer is so important. My training is such that every person you meet is a potential customer,” she says. “We always encourage our employees to identify opportunities for improvements to the current compliance and risk management systems and processes and identify gaps in compliance in our policies and procedures. Buy-in is important at all levels.” ••• NTI compliance features • Laptop via Citrix for offsite usage anywhere in Australia. • Mobile phone access so all NTI employees can ask for assistance out of office hours where the intranet does not support an answer to their question. • IT team are proactive in ensuring that the NTI systems run efficiently, allowing all details of accounts to be accessible even offsite for quick responses. • The finance system allows for ‘retail’ reporting and easier access across Australia for quarterly reporting. • Compliance Self Assessor is also accessible as an offsite platform.
GRC Spring 2011
GRC Autumn 2012