Sydney, 12 September 2019: Global law-firm Clyde & Co has released its annual Regulatory Trends report, which sets out an overview of the latest challenges businesses and boards face in the regulatory space.
Avryl Lattin, Corporate Regulatory Partner, Clyde & Co, says:
"Over the past year we have seen the passage of a significant amount of new legislation requiring businesses to enact new policies, processes and reporting frameworks."
"The changes are aimed at consumer protection, disclosure and accountability. Some of the changes come off the back of the Financial Services Royal Commission but there is a focus on corporate culture across the board and most of the new laws affect businesses operating in every sector."
"Large increases to penalties and increased enforcement action by regulators are common themes across all areas of regulation. Those businesses that can build resilience to the changing regulatory landscape will have a real market advantage."
When it comes to workplace safety, the report found Queensland and Western Australia have significantly increased penalties for health and safety breaches.
Michael Tooma, Australia Managing Partner, Clyde & Co says:
"The trend is toward greater responsibilities, and higher penalties, for organisations which breach workplace safety requirements."
"The release of the Boland Report into workplace safety laws was a significant development, meaning organisations will increasingly need to manage complex workplace safety requirements. Organisations will also need to come to grips with specific legal requirements for proactively dealing with psychosocial risks,"
"Psychosocial issues impact significantly on employee health, yet are amongst the most difficult of workplace safety risks to manage," Mr Tooma added.
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