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INFORMATION & COMPLIANCE

Compliance means conforming with stated identified requirements and normally amounts to doing or not doing something specified where such compliance is mandatory and sanctions ensue for non-compliance.

The first step is for an organisation to identify its ‘regulatory universe’, which means identify which laws apply to it that require compliance, specifically with regard to the handling and retention of information. Typically these include general laws (such as tax laws) that apply to all organisations, and sector-specific laws that apply to industry sectors (such as health, resources, finance and so on).

The applicable regulatory universe has a direct relationship with the duty to keep information (including records and data).




Organisations keep information for three reasons:

 

  • Law requires it
  • The organisation desires it
  • It may be required in evidence.

 

Legal, financial and other sanctions apply for failure to retain information and evidence and, for its destruction or the inability to produce it.

In relation to standards, frameworks and best practice, there is no absolute compliance. Organisational response may well be risk based and discretionary. Often the adoption of one approach over another can lead to competitive advantage.

The whole or partial adoption of mechanisms such as standards serves to inform what may be regarded as ‘reasonable’ where there is an enquiry into diligence and the duty of care. While ‘compliance’ is not required as a general rule, there may well be instances where failure to meet a standard results in legal liability. Discretionary and subjective influences such as risk appetite and organisational culture play a part in assessing what is appropriate.

Information Legal is able to assist organisationas turn these theoretical compliance imperatives into practical functions within their organisations. We underpin compliance through the application of international standards, frameworks and best practice at a level preferred by a client. We help to achieve what clients want to achieve. We advise and support.