The six stages of the compliance process are:
A standard compliance return comprises the core financial, asset and non-financial data sets relevant to the provider’s Tier, any other standard business documentation that demonstrates the provider’s achievement of National Law outcomes, and notification of any significant changes to policies or procedures.
The initial compliance assessment is the first time the Primary Registrar assesses the provider’s actualcompliance with the National Law.
Primary Registrars determine the risk profile of the provider to assess the risk of providers’ non-compliance of the performance outcomes in the future.
Additional targeted monitoring of an individual provider’s compliance may be undertaken by the Primary Registrar should a heightened level of risk warrant such monitoring.
Following the initial compliance assessment, providers undergo a standard compliance assessment and submit a compliance return annually or every two years, depending on their assessed risk profile Tier.
Providers are expected to continuously monitor their own compliance and disclose to their Primary Registrar anything that might adversely impact their compliance.