“Those who plan do better than those who do not plan, even should they rarely stick to their plan” — Winston Churchill, AFCA
A Guide for New Compliance Officers in Australia
This article in our series provides a 28-day plan designed to help new compliance officers to improve their effectiveness and influence. It’s designed to provide a structured approach to professional development in the compliance role, with a focus on practical, actionable steps.
Week 1: Understanding the Compliance Landscape
The first week of the plan is all about understanding the compliance landscape. This includes not only understanding the laws and regulations that your organisation needs to comply with, but also understanding the role of compliance within your organisation.
Day 1-3: Review Laws and Regulations
Spend the first three days reviewing the key laws and regulations that your organisation needs to comply with. This could include the Corporations Act, ASIC regulations, and any other relevant laws and regulations.
Read Compliance 101: Introduction
Day 4-5: Understand the Role of Compliance
Spend the next two days understanding the role of compliance within your organisation. This could involve meeting with key stakeholders, reviewing compliance policies and procedures, and understanding how compliance fits into the overall strategy of the organisation.
Read Compliance 101: The Resistance
Day 6-7: Reflect and Plan
Spend the last two days of the first week reflecting on what you’ve learned and planning for the next week. This could involve identifying areas where you need more information or training, setting goals for the next week, and preparing for any upcoming tasks or responsibilities.
Read Compliance 101: Reviews and audits
Read ISO 37301:2021 Compliance Management Systems
Week 2: Building Relationships and Communication Skills
The second week of the plan focuses on building relationships and improving communication skills. As a compliance officer, you’ll need to work with a variety of stakeholders, from business leaders to regulators, and effective communication is key to these relationships.
Day 8-10: Meet with Key Stakeholders
Spend the first three days of the second week meeting with key stakeholders.
This could include business leaders, team members, and even regulators.
The goal of these meetings is to understand their expectations, concerns, and how you can best work together.
Read A guide to managing stakeholder relationships (plus tips)
Day 11-12: Improve Communication Skills
Spend the next two days working on your communication skills. This could involve attending a communication skills workshop, practicing public speaking, or even just working on your listening skills.
Remember, good communication is not just about speaking—it’s also about listening and understanding.
Read 8 ways you can improve your communication skills
Read “The psychology of Influence” by Dr Robert Cialdini or Seven principles of persuasion
Day 13-14: Reflect and Plan
Spend the last two days of the second week reflecting on what you’ve learned and planning for the next week. This could involve identifying areas where you need more information or training, setting goals for the next week, and preparing for any upcoming tasks or responsibilities.
Read Compliance 101: Conduct and decision making
Week 3: Understanding and Managing Risk
The third week of the plan focuses on understanding and managing risk. As a compliance officer, managing risk is a key part of your role, and it’s important to have a solid understanding of risk management principles and practices.
Day 15-17: Understand Risk Management Principles
Spend the first three days of the third week understanding risk management principles.
This could involve reviewing risk management frameworks, attending a risk management workshop, or meeting with the risk management team in your organisation.
Read Living with Risk
Read ISO 31000 Risk Management
Day 18-19: Apply Risk Management Practices
Spend the next two days applying risk management practices. This could involve conducting a risk assessment, developing a risk management plan, or implementing risk management controls.
Read AFSL Fundamentals: Embrace Risk
Day 20-21: Reflect and Plan
Spend the last two days of the third week reflecting on what you’ve learned and planning for the next week. This could involve identifying areas where you need more information or training, setting goals for the next week, and preparing for any upcoming tasks or responsibilities.
Read The ultimate guide to operational risk management
Week 4: Continuous Improvement and Professional Development
The fourth and final week of the plan focuses on continuous improvement and professional development. As a compliance officer, it’s important to continually improve your skills and knowledge, and to stay up-to-date with the latest developments in the field.
Day 22-24: Identify Areas for Improvement
Spend the first three days of the fourth week identifying areas for improvement. This could involve seeking feedback from colleagues and stakeholders, reflecting on your performance, and identifying areas where you need more training or knowledge.
Read How to give (and take) constructive criticism
Day 25-26: Plan for Professional Development
Spend the next two days planning for your professional development.
This could involve setting goals for your professional development, identifying training opportunities, or even seeking a mentor in the field of compliance.
Consult us and visit the Australian Compliance Institute
Day 27-28: Reflect and Plan for the Future
Spend the last two days of the plan reflecting on what you’ve learned over the past 28 days and planning for the future.
This could involve setting goals for the next month, quarter, or year, and developing a plan for achieving these goals.
Without being too prescriptive, this plan should provide you with a structured approach to improving your effectiveness and influence in your compliance role. By focusing on understanding the compliance landscape, building relationships and communication skills, and managing risk new compliance officers, like you, can build a strong foundation for spectacular success.
Good luck, and contact us if you need more help.
