ASIC does not prescribe a specific timeframe for producing compliance records. However, AFS licensees should be able to promptly locate and provide relevant compliance evidence when requested by regulators, auditors, responsible managers, or governance bodies. Records that cannot be efficiently accessed may indicate weaknesses in compliance infrastructure, oversight arrangements or record management processes.
Expanded Answer
The speed at which a licensee can produce compliance records often indicates the effectiveness of its compliance infrastructure. ASIC expects licensees to maintain adequate records that support compliance with their obligations and demonstrate how governance, monitoring, risk management and remediation activities operate in practice.
Compliance records should be accessible, reliable and sufficiently organised to support regulatory enquiries, internal reviews and governance oversight. Where records are dispersed across spreadsheets, emails, shared drives, or individual staff members, retrieving information can become difficult, time-consuming, and error-prone.
Key indicators:
- Applies when governance, monitoring and remediation records can be located and produced efficiently.
- Applies when responsible managers can access meaningful compliance information when required.
- May indicate infrastructure weaknesses when records are fragmented or difficult to retrieve.
- May indicate governance and oversight gaps when evidence of compliance cannot be readily produced.
The objective is not simply retaining records. The objective is to ensure compliance information remains accessible and capable of supporting oversight, decision-making, and regulatory readiness.
Why it matters
Delays in producing compliance records can affect governance oversight, regulatory responsiveness and operational efficiency. Organisations that can quickly access compliance evidence are generally better positioned to respond to ASIC enquiries, audits, investigations and internal reviews. Strong record accessibility is often a sign of a mature compliance infrastructure.
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Alternatively, explore [complyᵉ] to see how governance, monitoring, incidents, remediation and oversight can operate as a connected system.
Practical guidance
- Test how long it takes to produce governance records, monitoring outcomes and remediation evidence from the previous 12 months.
- Review whether compliance information is stored consistently and remains accessible to authorised personnel.
- Assess whether responsible managers can obtain key compliance information without relying on individual staff members.
Further reading
What does a defensible compliance framework look like for AFSL and credit licensees?