A trade practices compliance program is designed to identify and reduce the risk of breaching the Competition and Consumer Act 2010 (the Act) and to remedy any breach that may occur. A successful compliance program will facilitate compliance within the organisation and help the company to become or remain a good corporate citizen.
Once a trade practices compliance program has been implemented or updated, its effectiveness and contribution to trade practices compliance within the organisation must be assessed. An audit or review does more than provide assurance that a trade practices compliance program is being implemented as required by the undertaking. Review recommendations feed back into companies’ compliance programs in a cycle of continuous improvement.
The Competition and Consumer Act applies to just about every aspect of a business—for example advertising, price setting and transactions with other businesses or consumers. Complying with it minimises the risk of breaking the law and may actually improve performance by giving businesses a competitive edge.
A trade practices compliance program is designed to identify and reduce the risk of breaching the Competition and Consumer Act 2010 (the Act) and to remedy any breach that may occur. A successful compliance program will facilitate compliance within the organisation and help the company to become or remain a good corporate citizen.
