Australasian Compliance Institute (ACI) President Annette Donselaar says leading organisations should be forced to appoint compliance professionals in the wake of the global downturn.

“A vital part of supporting economic progress is the mandatory appointment of compliance professionals to ASX200 companies, government instrumentalities and as a standard licence condition for applicable regulated entities,” she told insuranceNEWS.com.au.

She says compliance professionals can play a pivotal role in helping senior executives meet their obligations.

“Organisations can have policies, systems and compliance programs in place, but unless the board and CEO are committed to ethical conduct, good governance and compliance, they are not of value,” she said.

Describing regulatory standards in Australia and New Zealand are “far more advanced and rigorous” than in other Asia-Pacific nations, she says increased regulation as a response to the downturn is not the answer. “The focus should be on right regulation.”