Regulatory and Operational Compliance

At the heart of our approach to regulatory and operational compliance is the ability to turn board authority and legislation into workable business process. We achieve this by integrating the frameworks of governance, risk management, compliance and audit.

We provide a range of compliance services to regulated institutions, trustees, regulators, private and listed companies. We have a 100% success rate of obtaining licenses for our clients from regulators.

Our services include the provision of:

We also provide a range of software solutions that are designed to assist with regulatory record keeping and administration.

APRA Super Licensing

The Australian Prudential Regulation Authority (APRA) completed the transition to the new trustee licensing system for Australia's superannuation industry on 30 June 2006.

307 trustee companies have received the new Registrable Superannuation Entity (RSE) license.

The superannuation industry is now licensed and prudentially regulated in a similar way to banking and general and life insurance. RSE licensing of superannuation trustees requires Licensees to comply with new standards covering proper governance, managing relationships with third parties, maintaining adequate resources and implementing sound risk management systems. A compliance plan is a critical control for licensees to comply to their RSE obligations.

Compliance plan
A compliance plan documents a licensed super trustee's capacity, competency and means to look after the interests of their fund members. There is now more emphasis on your responsibilities as trustee to demonstrate compliance with the obligations that the legislation requires.

Super Trustees are required to have Risk Management Strategies and Plans, that is, establish and maintain:

1. Documented Risk Management Strategies that clearly outlines the Trustee's governance structure and risk management framework; and

2. Risk Management Plans that outline the framework to address the risks specific to each Fund operated by the Trustee.

Reasonable measures and procedures must be set out that you use to identify, measure and monitor the risks that arise in relation to your activities, such as governance and decision-making; business objectives and how they will be achieved. Risk Management Strategies and Plans, and their implementation and effectiveness are to be audited annually. Top

Compliance Reviews

We regularly undertake compliance and regulatory reviews. These can either form part of our on-going compliance support service or be stand alone reviews. We are able to undertake a variety of different types of review including:

Whilst most review are undertaken at the request of the firm concerned it is possible that reviews will be undertaken on behalf of third parties including the regulators, insurers, owners and other interested parties. Top

Regulatory Due Diligence

We also carry out regulatory due diligence reviews on behalf of potential investors and purchasers of regulated organisations. This typically involves a full legal, compliance and risk assessment. The review typically provides a highly confidential report to the interested third party and is conducted with the utmost sensitivity.Top

Enforcement and Investigation

Typically we will be called in by a firm that has some kind of regulatory problem such as an enforceable undertaking. This problem might have been identified by the firm, by the regulator or by a third party. The wide variety of possible challenges means that a different approach must be used on each occasion. However, generally speaking the first stage will be to meet with senior management, make an initial assessment of the problem, and agree terms of engagement and methodology.Top

Outsourcing & Consulting Services

Whilst it is not possible to outsource the responsibility for compliance, it is possible to outsource a number of the activities usually undertaken by a Compliance Function or Officer. SSAMM can provide:

• Regulatory advice;
• Periodic compliance reviews;
• Compliance function efficiency reviews;
• Compliance plan, manual and procedures development and implementation;
• Risk based compliance monitoring;
• Response to regulators;
• Pre-recruitment competency interviewing;
• Educating staff in relation to compliance and regulatory matters;
• Educating senior management on their regulatory responsibilities and the new regimes;
• Implementation and maintenance of compliance software solutions; and
• Regulatory training.

SSAMM’s ongoing compliance support service focuses on these areas. Compliance must remain the responsibility of the senior management of the regulated entity concerned and for this reason we will not accept managerial appointments within organisations. However, SSAMM as a firm can undertake the "Responsible Officer" role. Top

Compliance Training

As part of the package of services that we are able to offer training course for Compliance Officers and Responsible Officers who are new to the role or need a refresher. These training days are tailored to the individual organisation. Typically they are tutorial sessions with the emphasis being on practical day to day issues. By keeping the number of delegates low (typically five to ten individuals) we are able to promote an informal environment in which full interaction plays a key role in the learning process. Top