Compliance
Support Packages

Why outsource?

Really, the question is ‘why not?’

1.     Finding the right staff is time consuming, expensive, and risky

You need to run a recruitment campaign, compete with other employers, pay the recruiter. Then there’s cost of seat, training, performance management, superannuation and bonuses. By the time all that is factored in, the cost of a staff member far exceeds their salary. And even when that’s all done, and you’ve finally got someone that’s working out - now you cross your fingers and hope that the tightest ever professional job market doesn’t entice them somewhere else.

2.     Permanent resourcing is not ideal for compliance workflow

While some tasks can be predicted, a lot really can’t. Compliance is rife with issues – ranging from the day to day (approvals, queries, incidents) through to large projects that come out of nowhere. How do you get your staffing level right to cater for that? The answer is that you don’t. Instead you are forced to either resource at a level that is sufficient for the predicable and then immediately falters when unexpected demands emerge, or you factor in the unexpected an end up with idle capacity.

3.     Cultural fit and exposure

This may be a controversial opinion, but in our experience, in the average SME, compliance teams are often small and isolated with values that aren’t always aligned with the broader business. In addition, their experience is limited to a single business which can limit both development and interest. Often, an outsourced compliance manager is a happier compliance manager.

Flexible levels of support

The optimal level of support varies from client to client. It will depend on the nature, size and complexity of your organisation, its level of regulatory risk, as well as the resources you already have in place. As a result, our support model is flexible – designed to be able to mould around any company, but structured so that you can get exactly what you need.

1.     Complete Compliance Support

For smaller businesses, the most efficient model is really to just let us do it all. For a fixed monthly fee we will setup your compliance plan and policy suite, provide quarterly monitoring and reporting, and provide an appropriate level of training, administration, and advice. The pricing is based on the nature, size and complexity of your business. Interested? Get in touch, and we can assess your business and provide a tailored proposal within 24 hours.

2.     Hybrid Support

If your business already has an established compliance function, we can tailor our support packages to adapt around your team. Perhaps you just want to off-load your core compliance functions while keeping the focus in issues management and projects? Or maybe you are looking for a senior help-desk to support your junior compliance staff. Wherever your gap, we can work with you to ensure your compliance coverage is complete.

3.     Assurance

Increasingly, established businesses are looking for additional levels of surety around their compliance functions, both for internal oversight purposes and for management of key external stakeholders like prospective clients, investors or partners. An external assurance review is perfect for this, and can be done on a one-off basis, or continuously. This service is often provided by large accounting firms where it is over-costed and executed by people with very little specialist knowledge. At AB we will prioritise what’s important, and give you constructive reporting and feedback.

4.     Projects

These are major pieces of work that are tough to plan for. It could be new regulation. It could be a major regulatory breach or dispute. ASIC might audit you. Perhaps you are changing your business on a fundamental level – launching a new product or engaging with a new partner. Unless we know about them from the start, we can’t account for these in our monthly fee, but we certainly can help – and because we already know your business, we’re usually a lot more efficient than other providers.

What does it cost?

This will depend on the support you need – but a good rule of thumb is that for our Complete Compliance Support package you will generally be paying 25-50% of what a relatively junior compliance professional would cost you - and that’s before you account for recruitment fees and overheads. One of the real advantages of the service, however, is that it can adapt around what you need and want - so no matter what your needs are, we can generally work out a monthly budget that suits you.

What next?

Book in a complimentary 30-minute chat with our team. Just email us using the button below.