GRC compliance is critical for any business operating in Australia. Whether your business is a startup, multinational, or somewhere in between, staying on top of your legal obligations is the difference between building trust and customer loyalty and facing hefty fines, lawsuits, and more.
However, compliance programs are not simply tools to avoid negative consequences. Good governance, innovative risk management and creating a workplace where ethics and accountability are meaningful corporate initiatives for employees, vendors, stakeholders and shareholders.
Like all countries, the landscape of governance, risk and compliance (GRC) in Australia has nuances and considerations for companies operating in or doing business with the Australian market. Let’s explore how.
What’s at stake?
Like most counties, Australian laws are designed to keep markets fair, protect consumers and hold businesses accountable for compliant conduct. And when compliance is taken seriously, it shows. Avoiding penalties and showing customers, investors and employees they run a tight ship is just the beginning of the ” why” behind the “what.”
Some other benefits of good compliance practices include:
- Stronger internal processes and better decision-making
- A healthier workplace culture grounded in integrity
- Reduced risk of legal action or regulatory intervention
- A better reputation with partners, regulators and the public
What’s new in Australia’s compliance landscape?
There have been several legislative changes in recent years that are useful to have on your radar:
1. Combatting Foreign Bribery: Crimes Legislation Amendment Act 2024
This new law raised the stakes for companies operating overseas. If someone connected to your company, such as a contractor or agent, is caught bribing a foreign official, your company could be held responsible, even if leadership didn’t know it was happening.
Here are a few things to keep in mind:
- Adequate procedures are a must – you will need real policies to prevent and detect bribery, not a generic statement on your website
- Bribery now includes non-cash benefits, like gifts or free travel
- Fines are steep, and individuals, including executives, can face jail time
- Regulators have more power than ever, including international partnerships to crack down on border corruption
Bottom line: it may be time to revisit your anti-bribery framework and make sure it works in practice.
2. Workplace misconduct: Fair Work Act 2009 (updated provisions)
Sexual harassment in the workplace continues to be under renewed scrutiny. Employers now have a legal duty to take all reasonable steps to prevent it. You cannot wait until something happens – you must be proactive.
What does that look like in practice?
- Clear, enforced policies around workplace behavior
- Regular training sessions – not just one-off workshops
- Safe and anonymous reporting channels for staff
You could be liable if you do not do the work before an incident is brought to light. Complying with the Fair Work Act does more than avoid lawsuits, these practices actively work to build a culture where people want to work.
3. Whistleblower protections: Treasury Laws Amendment 2017
Whistleblowers play a crucial role in exposing misconduct, and Australian law is catching up to protect them. These amendments expanded the rights of corporate and financial sector employees to report wrongdoing safely and confidentially.
Now:
- Whistleblowers can remain anonymous and are legally protected against retaliation
- More types of misconduct are covered, from fraud to breaches of corporate law
- Companies need to ensure their internal processes make it easy (and safe) to speak up
If your people do not feel they can report concerns without fear, it is a compliance failure waiting to happen and a signal that your culture could use a reality check.
Where to go from here?
Though most companies will have policies, procedures and tools in place that help address these common workplace issues, it may be time to revisit to ensure your efforts are in compliance and work in practice. Here are a few questions worth asking:
- Are we properly managing legal and operational risk across our systems?
- Is compliance baked into how we train and onboard our teams?
- Do our governance policies reflect current Australian laws or are they stuck in the past?
- Are we using technology to track regulation changes and flag risks?
Modern compliance requires businesses to stay ahead, not scramble to catch up. Purpose-built solutions like integrated GRC platforms, real-time alerts and automated workflows can make a huge difference. Plus, they show regulators you are not merely checking boxes but actively managing risk.
The cost of getting It wrong
Failure to comply doesn’t just result in fines – though those are real and rising. Other consequences that can be far more costly include damaged reputations, lost customers and sinking morale.
Australian regulators are not shy about making examples. If regulators find your policies are outdated, your staff remain untrained, or your systems cannot handle scrutiny, you’ll find you’re also on thin ice.
To learn more about how NAVEX solutions can help you to achieve compliance with Australian GRC laws, speak to one of our experts or request a demo.
