Regional-focused Compliance - Governance, Risk, and Compliance Topic for Oracle Applications - page 404

Corporate Law Economic Reform Program
(CLERP - Australia)
Commonly called CLERP 9, it is the most recent reform to the Corporations Act
2001 (Commonwealth), which governs corporate law in Australia. It was enacted
in July 2004.

It is based on the reform proposals contained in the CLERP 9 discussion paper,
Corporation disclosure: strengthening the financial reporting framework , which was
released by the Australian government in September 2002. The CLERP Act also
contains a number of reforms flowing from the recommendations contained in
the report of the HIH Insurance Royal Commission released in April 2003.

The CLERP Act proposes three bodies to represent a range of interests:

1. The Financial Reporting Council to oversee standard setting for audit

and accounting

2. The Australian Securities Exchange's Corporate Governance Council

to oversee the development of best practice guidelines for corporate
governance within listed companies

3. The Shareholders and Investors Advisory Council to provide a forum

for the consideration of retail investors' concerns

CPA Australia suggested that the legislation should build a framework that also
identifies the conduct and practices of board of directors, staff who prepare financial
reports, and internal and external audit functions. It also suggested including
the roles of institutional investors, credit rating agencies, financial analysts, and
investment banks.

InFission approach to Regional Compliance
At InFission, the Director of Compliance is responsible for the regional compliance
program. The Director of Compliance manages the enterprise compliance program
based on the regional requirements and oversight from the Chief Audit Executive
(CAE). The enterprise compliance program is based on an integrated framework,
which includes regional compliance requirements. Regional Compliance Managers
are responsible for compliance within their respective regions. The following figure
shows the InFission Compliance PMO structure: