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GRC Professional : GRC Winter 2012
24 GRC Professional • Winter 2012 Cover StorY By Nick GardNer The retail industry is doing it tough with fierce competition and increasingly complex regulation. How can GRC professionals help their organisations stay on top? THE RETAIL SECToR IS UNDERGoING A transformation, and in years to come the present decade will likely be seen as pivotal in sweeping changes that leave a very different creature in their wake. With consumers hesitant to spend, and online retail taking a larger share of the remaining market, competition is hotter than ever. Amidst this the Australian Competition and Consumer Comm ission (ACCC) has signalled it won’t tolerate breaches or anti-competitive practice from those trying to stay afloat. Retailers who sur vive will be those whose adaptation strategy includes the com m itment to compliance. Aside from tighter competition, retailer s today must comply with a host of updated national rules and regulations after the introduction of the new Australian Consu mer L aw (Competition and Consum er Act 2010). But while state-based fair trading bodies and the ACCC prov ide nu merou s publication s on change s to consumer law, in addition to webinars and other education programs, experts say many retailers are still not across all the changes. So what are the main areas of confusion? food safety Those in the food industries have even more retail
GRC Autumn 2012
GRC Spring 2012