Compliance monitoring is an ongoing process and you should have been doing this regularly from the day you received your licence. Monitoring client files is just one part of compliance.
What is actually required for NCCP compliance monitoring?
When you accepted your credit licence from ASIC you declared that:
- You have written policies and procedures in place for each of the general conduct obligations, including risk management and compliance programmes.
- You have a systematic process of testing yourself against these policies and are performing regular ongoing testing.
- You are documenting the results and taking action to fix any areas of non-compliance.
EVEN if you are a sole trader, the condition of your Australian Credit Licence is that you must have policies and you must test yourself against those policies (in the areas listed below), even if you think they don't apply to you - they do!
Risk management program - what are your plans for the things that can impact your business?
Resource planning: HR policy, Finance policy and IT policy - demonstrating you have the people, technology and funding to get your business where you want to go.
Supervision and training policy - who is monitoring your work?
Conflict of interest policy - showing that your clients haven't been disadvantaged.
Complaints policy - there is a correct way to manage them.
Outsourcing policy - you can outsource the function, but the responsibility stays with you.
The easy solution for NCCP Compliance
QED CompliFast is a quarterly compliance program - it monitors different areas of your business each quarter, so it's not overwhelming!
QED CompliFast is fast and easy to use with just 3 simple steps:
- Education: Just download and read your quarterly information pack.
- Assessment: Complete your quarterly questionnaire as an overall assessment of your business.
- Feedback: Read your professional and personalised report with recommended corrective action plans.
All your completed compliance reports can be accessed with just a click of your mouse. Handy if ASIC audits your business!
