ASIC Regulatory Expectations · AICD Director Compliance Guide
Regulatory Compliance Governance Scorer
Evaluate your board's oversight of the organisation's compliance framework. Assess regulatory change monitoring, breach response capability, and compliance culture — benchmarked against ASIC regulatory expectations and the AICD Director Compliance Obligations Guide.
Increase in ASIC enforcement actions against directors since 2023
AICD
Director Compliance Guide — obligations every director must know
Survey Evidence: AICD Director Sentiment Index 2026 — regulatory compliance risk ranked in the top 5 board risk themes, with ASIC enforcement actions against directors increasing significantly since 2023.
Answer 8 questions to score your board's compliance governance maturity. Results are benchmarked against ASIC regulatory expectations, the Corporations Act 2001, and the AICD Director Compliance Obligations Guide.
Question 1 of 8 — Compliance Framework
Does your organisation have a board-endorsed compliance management framework covering all material regulatory obligations?
Question 2 of 8 — Board Compliance Oversight
How does your board receive assurance that the organisation is meeting its regulatory obligations?
Question 3 of 8 — Regulatory Change Monitoring
How does your organisation monitor and respond to regulatory change affecting its obligations?
Question 4 of 8 — Breach Reporting Process
Does your organisation have a documented process for identifying, escalating, and reporting regulatory breaches?
Question 5 of 8 — Whistleblower Policy
Does your organisation have a whistleblower policy that meets Corporations Act 2019 requirements and is known to all employees?
Question 6 of 8 — Regulator Relationships
How does your board manage the organisation's relationships with its key regulators?
Question 7 of 8 — Compliance Training
Does your organisation have a compliance training program that reaches the board as well as all employees?
Question 8 of 8 — Compliance Culture
How would you describe your organisation's compliance culture?
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Analysing compliance framework maturity…
Regulatory Compliance Governance Report
Overall Governance Maturity Score
40 / 100
Based on your 8-question assessment
DEVELOPING — Compliance governance gaps create regulatory and personal liability risk
Domain Scores
Compliance Framework45%
Framework exists but board review is irregular. Comprehensive annual board review of the compliance program is governance best practice.
Board Oversight & Assurance40%
Compliance reported to board ad hoc. Formal compliance reporting to Audit Committee with breach register is the ASIC expectation.
Regulatory Change Response35%
Regulatory change monitoring is reactive. A dedicated process with board notification for material changes is required.
Breach Reporting45%
No documented escalation thresholds. Board relies on management discretion to identify reportable breaches. Significant regulatory risk.
Whistleblower Program50%
Policy may exist but Corporations Act 2019 compliance not verified. Independent reporting channel not confirmed in place.
Compliance Culture40%
Compliance seen primarily as a cost. Culture uplift program required to move toward values-driven, strategic compliance posture.
Recommended Governance Frameworks
Immediate
ASIC Regulatory Expectations — Director Obligations
Review ASIC's published expectations for board compliance oversight. Directors face personal liability for compliance failures. Engage external legal counsel to review your current framework against ASIC expectations.
30 Days
Corporations Act 2001 — Compliance Program Review
Engage external legal counsel to audit your compliance program against all Corporations Act obligations. Identify gaps in breach reporting, whistleblower protections, and disclosure obligations.
60 Days
AICD Director Compliance Obligations Guide
All directors should review the AICD Director Compliance Obligations Guide. Consider a board-level compliance briefing delivered by external legal counsel as an annual standing agenda item.
Prioritised Action Roadmap
1
Commission an external compliance framework audit
Engage external legal counsel to audit your compliance management framework against all material regulatory obligations. Report findings to the Audit Committee with a remediation plan.
⏱ Target: 30 days · Owner: Audit Committee + General Counsel
2
Implement formal compliance reporting to the board
Establish quarterly compliance reporting to the Audit Committee including: breach register, regulatory change log, training completion rates, and upcoming regulatory milestones.
⏱ Target: 30 days · Owner: General Counsel + CFO
3
Verify whistleblower policy compliance and independence
Engage external legal counsel to verify your whistleblower policy meets all Corporations Act 2019 requirements. Ensure an independent reporting channel is in place and communicated to all employees.
⏱ Target: 45 days · Owner: General Counsel + Board
4
Document breach escalation thresholds and reporting protocol
Develop a documented breach identification, assessment, and escalation matrix. Define board notification thresholds. Include the regulator notification protocol for each material obligation.
⏱ Target: 60 days · Owner: General Counsel + Risk Committee
5
Institute an annual board compliance briefing program
Implement an annual board compliance briefing delivered by external legal counsel. Cover: year-in-review regulatory changes, enforcement trends in your sector, and personal director liability exposure.