As we near the end of 2020, optimism is growing and we’re all looking forward to what comes next. It’s with great excitement that we can announce CCASA has merged with Prime Consulting – an industry leader in corporate compliance software. This strategic partnership will allow us to increase our efforts, increase development and increase the benefits we’re able to pass on to you, our clients.
The CCASA team are experts at tailoring compliance packages to the needs of your business. Our packages are comprehensive and easy to implement, so you can rest assured you’re in good hands.
Similar values at Prime Consulting make us a perfect fit. Their approach to streamlining software and processes makes compliance easy. And best of all, Prime’s software is all available in the cloud to ensure you always have access to important information when you need it. Prime will remain as is but it’s now part of the CCASA team.
Together, we’ve already begun creating new and exciting reports, SMS integrations and Docusign/Signnow integrations. Features include:
Frank Galati will join CCASA as Director of Product Development. Together, we’ll head up the merger to ensure a smooth transition, paving the way for a successful 2021 and beyond.
If you have any questions about the merger, or our services, please don’t hesitate to get in touch.
One of the main questions I often get asked is, “What is compliance?” Its a very open question that really needs a lot of time to answer. However what I can answer in a few lines is around ASIC compliance, what do you need to do to remain compliant with the ASIC Corps Act 2001? Can you just jump onto ASIC and make your changes and thats it? Is it that simple? Ah no it is not that simple. Even the annual review requires a solvency resolution to be drafted and executed by the directors. Please see the attached PDF I have generated, while its not a complete listing (and I tried to add everything but it got to big!) it certainly gives you an idea of what is required. Yes some changes don’t need much, while others require a lot. To remain compliant, all is required.
The Federal and State Government have announced a stage one closure of non-essential businesses and social gathering places to slow the spread of coronavirus (COVID-19).
In light of these regulations, we wanted to keep you informed of the steps we’re taking to ensure we provide the best service to you during this difficult time.
Currently, and until the government says otherwise, it is business as usual at CCASA. Our team is healthy and maintaining good hygiene, both in the office and out. And yes, they have enough toilet paper!
Reviews will still be processed. ASIC has not yet released a statement on review fees, so for now, they are all still due on or before the due date. We are here to help, so if you have any questions, please contact your compliance advisor or Craig directly on 0405 140 675.
Currently, nothing has changed for CCASA. We are operating in the same way we were before COVID-19. We are, however, prepared for all scenarios. If we are required to operate remotely, this will not affect what we do, how we do it or our delivery time frames.
We have set up our systems to be fully autonomous from the office and our team is ready to work remotely should the need arise. Our remote solution involves taking home both our computers and phones, enabling us to perform exactly as we do now, but remotely. We are prepared to follow all government rules and directives.
Should we be required to work from home, we won’t be able to deliver printed products (companies/trusts) but we can still provide e-delivery of all products. We will then print and post these products when the government allows us to return to the offices.
ASIC has yet to release a formal statement on COVID-19. We’ll continue to keep you up to date on any ASIC statements or relief packages if or when they are announced.
The team at CCASA wish you the very best and believe you will stay healthy and safe during this time. Please do contact us if you need any extra support or extra services during this time.
Technology has permeated every aspect of our lives. Disruption is transforming industries and creating new ones. With innovation comes both opportunity and benefits. One of the most significant benefits of technological change is the ability to take complex and time-consuming tasks and make them simpler and easier to manage.
One area that is ripe for this type of disruption is regulatory compliance. The area of company compliance in a digital world is an exciting place to be right now, and it’s a change that the Australian Securities and Investments Commission (ASIC) has stated that it’s now embracing.
There are several ways that ASIC has embraced technology and is encouraging other companies to do the same.
One such change is ASIC’s new Innovation Hub. This has been established to allow ASIC to engage with fintech and regtech startups who are disrupting how people and businesses conduct financial transactions. By speaking directly with innovators through the Innovation Hub, ASIC can help them understand the regulatory framework, how it applies to the technology that they’re developing and what ASIC’s expectations are. At the same time, it allows ASIC to stay abreast of developments in the market.
This process is giving ASIC insights and oversight into how compliance should and will operate in high technology areas like digital financial advice, marketplace lending, equity crowdfunding, blockchain and crypto-asset. ASIC has even gone so far as to introduce a regulatory sandbox, that is the world’s first fintech licensing exemption. This means that that eligible fintechs can be exempt from some elements of regulatory compliance as they prepare to go to market.
While ASIC is encouraging technological change, it’s also clear that some things will not be acceptable. In particular, ASIC has stated that organisations can’t make misleading or deceptive statements about their product. This demonstrates their intention to protect consumers as new technological innovations come into the market.
Regtech refers to new technology that helps businesses and consumers meet their regulatory and compliance obligations. This is a hot area for new innovation and has the potential to not only help companies build a culture of compliance, but also to identify new ways they can operate more efficiently and save money.
While ASIC doesn’t regulate regtech directly, it’s keen to support innovation in this space through its Innovation Hub and by meeting with stakeholders in the regtech space. The Innovation Hub offers informal advice to regtech innovators about the regulatory framework and how solutions can operate within that structure.
ASIC is also using new technology to help people resolve regulatory problems. For example, it’s trialling Natural Language Processing and machine learning to enable learning, automation and prediction. ASIC has also received over $6 million from the Australian Government to help it promote the development and use of regtech solutions so that organisations can deliver better regulatory and compliance outcomes. Their objective is to make Australia a global leader in the development and use of regtech.
As the level of regulation becomes more complex, the need for technology that can make it easier for large and small businesses to meet their compliance obligations is increasing. Some companies are even introducing the role of Chief Compliance Officer to deal with the increased responsibility of staying up to date with new regulatory requirements. That’s where technology has an important role to play. Compliance risks will only increase, so the more an organisation can mitigate its risks the better.
At CCASA, we’re also embracing technology to help you navigate the complexities of corporate compliance and reporting. That’s why we’ve developed our new online reporting portal that streamlines your reporting processes. The system does this by:
We’ll also continue to add new functionality to the portal over time to continue to make it easier, more efficient and cost-effective for you to manage your company reporting and compliance.
The technology will benefit anyone who has to manage multiple companies at one time. For example, if you are responsible for the reporting and compliance of 1,200 companies, you may need four employees at a cost of $70,000 per annum each to assist you. In addition, you will need to purchase the necessary computers, hardware and software products. This could cost you almost $15,000 depending on whether you have trusts or self-managed superannuation funds in your structure as well. This would bring the cost of your compliance to almost $300,000, which is considerably more than the cost of leveraging CCASA’s technology at less than $100,000 plus GST per year.
While the cost savings are enticing, our online portal also makes the process of meeting your compliance obligations quicker and more flexible. You’re no longer tied to specific times of the day or paper processes to manage your reporting. You can keep everything on track when it’s convenient for you.
If you’d like to learn more about how CCASA can help you automate your company compliance activities, get in touch.