WELS Compliance Risk Management Guide for Suppliers
This guide assists suppliers to develop appropriate compliance risk management decision making, systems, practices and corporate culture for identifying and managing compliance risks under the WELS Act.
About this guide
The aim of this guide is to assist suppliers to:
- Develop appropriate compliance risk management (CRM) decision making, systems, practices and corporate culture for identifying and managing compliance risks under the WELS Act;
- Join with the WELS scheme to identify and account for any significant barriers to achieving compliance and the objectives of the scheme;
- Participate in continual improvement processes for CRM activities in the interests of the WELS Regulator and suppliers;
- Recognise that, while cost efficiency is a legitimate business concern of suppliers, managing CRM merely for least cost and minimum compliance can be a risk-laden approach; and that achieving a defensible balance between cost minimisation and adequate CRM resources is the key to cost and CRM efficiency/effectiveness; and
- Canvass ways to share principles of better CRM.