How Firms in Australia Are Transitioning To The Financial Accountability Regime

The introduction of the Financial Accountability Regime (FAR) Bill in Australia has meant that the banking, insurance and superannuation industries now have the challenge of adjusting their accountability frameworks, and forward-thinking compliance officers are proactively seeking strategies that guarantee a seamless adoption of FAR.

In a dedicated effort to provide steadfast support for firms on their journey, StarCompliance launched a strategic market research study across Australia, focused on senior compliance professionals within financial services, to gain deeper insight into the most pressing compliance challenges confronting enterprises in the region, and provide a strategic roadmap that ensures flawless integration of the new regime.

Some key findings include:

• 49% of respondents face challenges in establishing a compliance infrastructure to meet new regulations.
• 43% of respondents continue to depend on manual compliance processes.
• 57% of respondents lack any form of process automation.