Compliance
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Australian businesses, no matter what their shape or size, all share one common challenge. They must all operate in an increasingly complex regulatory environment.
The real challenge for a business is to operate in this environment without contravening its legal and regulatory obligations and to avoid breaches that have the potential to substantially affect profits and to reduce business value.
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| | What constitutes a Compliance or Internal Control program is clearly defined by the Australian Compliance Standard AS/NZ 3806 and the US inspired COSO guidelines. The Australian Standard is a 20 point management methodology that is benchmarked by both ASIC and the ACCC.
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| Nova Solutions™ Fundamentals delivers a Compliance Program that has been developed over a 4 year period and is consistent with AS/NZ 3806. It has been tried and tested with a wide range of businesses, both small and large and is easily adaptable. Nova Solutions™ Assurance makes compliance come alive through reducing obligations to plain english questions and assigning them via email to responsible individuals.
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|  | | | The greatest constraint on Australian businesses is red tape. It is estimated that compliance costs in Australia amount to 8% of GDP. |
| Nova Solutions™ provides a simple, scalable governance platform for managing your key legal obligations, reducing red tape and allowing you to focus on your core business operations.
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| | | Employers in Australia spend an average of 4 hours per month per employee dealing with regulatory matters. Heather Ridout, CEO, Australian Industry Group, 27 February 2005.
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| Nova Solutions™ takes the complexity out of compliance translating complex legal requirements to plain english policies and procedures and compliance tasks.
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| | | STA Super has a study that shows that around 40 per cent of respondents did not provide their employees with a choice of super form by the required date of 28 July 2005. Likewise, about 20 per cent of respondents have failed to select a default super fund, while 13 per cent indicated that they would provide employees with advice on super "to the best of their ability". It is illegal for employers to give such advice unless they hold a financial services licence. Bruce Brammall, Slack on Super Choice, Herald Sun, 9 August 2005.
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| Nova Solutions™ Fundamentals clients were delivered a comprehensive Superannuation Choice policy in June giving them plenty of time to make adjustments to their system. This is just one example of Nova Solutions™ reducing the cost of compliance.
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| | News,
White Papers & Useful Links
| Watch this space for the latest news, papers and useful links.
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