Breaches & Reportable Situations

Every compliance breach presents two important questions: does it need to be reported, and what needs to be done to prevent it from happening again?

For licensees and regulated businesses, managing breaches extends beyond meeting ASIC’s reporting requirements. Effective breach management requires organisations to identify issues early, assess their significance, determine whether they constitute a reportable situation, investigate their underlying causes and implement appropriate remediation.

Regulators increasingly expect firms to demonstrate that breaches are not only reported when required, but also properly understood and addressed. This means maintaining appropriate records, conducting meaningful root cause analysis, remediating affected clients where necessary and strengthening systems, controls and governance arrangements to reduce the likelihood of recurrence.

This resource hub explores the practical aspects of breach reporting and management, including reportable situations, ASIC breach reporting obligations, remediation frameworks, root cause analysis, compliance evidence, compliance infrastructure and regulatory expectations.