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Scenario-Based Compliance Strategy for Thermo Ltd

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Scenario-Based Compliance Strategy for Thermo Ltd

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Integrate Compliance and Risk Management

Embed AML/CTF, Privacy Act, and Corporations Act obligations into the governance framework.

Elevate compliance risks to the Board Risk & Compliance Committee.

Environmental Scanning & Monitoring Tools

Use AML/CTF analytics, privacy monitoring tools, self-assessments and independent reviews to detect issues early and maintain compliance.

Scenario Planning & Contingency Strategies

Develop scenarios for AML investigations, privacy breaches, climate disclosure and cyber incidents.

Establish rapid escalation protocols, communication and contingencies plans.

Centralised Risk Register

Create a detailed risk register capturing likelihood, impact, controls, mitigation plans, and accountability.

Use to monitor AML/CTF risks, privacy risks, climate disclosure risks, and external event impacts.

Climate-Related Financial Disclosure Governance

Strengthen governance for mandatory climate reporting under the Corporations Act, NGER Act, and ASRS.

Implement data verification controls and independent assurance to avoid misreporting.

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Thermo Ltd  - suspicious transactions, privacy breach and climate reporting.

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Thermo Ltd  - suspicious transactions, privacy breach and climate reporting.

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Scenario:

Thermo Ltd should ensure it not only meets compliance requirements but also proactively manages risks, minimises environmental impact, and maintains operational resilience. Thermo Ltd should ensure that it has appropriate compliance management software and uses this effectively to  manage its risk.

1. Risk Register

Purpose: Centralise all identified risks—operational, environmental, compliance, and reputational—into a single, living document.

Action: Assign each risk a likelihood, impact score, and mitigation owner. Link each to relevant compliance obligations (e.g., AML/CTF, Privacy). These risks should be checked and challenged by an independent party,

2. Contingency Planning

Privacy Response Plan:

Identify, assess and if necessary contain the privacy related potential breach.

AML/CTF Response Plan: ensure that there are policies in place to allow appropriate detection of suspicious or unusual transactions, assessment and mitigation of ML/TF risk

3. Environmental Reporting Integration

Data Collection:

Log all AML/CTF and Privacy incidents in the risk register for traceability.

Reporting Process:

Quarterly reports summarising AML/CTF and privacy performance, mitigation actions, and compliance status. With appropriate escalation pathways to accountable persons and the board.

Include a “lessons learned” section to feed back into the risk register and contingency plans.

Transparency:

Publish a public statement to demonstrate compliance and build stakeholder trust and demonstrate full disclosure in its climate related financial disclosures.

4. Continuous Improvement Loop

1. Identify new risks during site inspections or regulatory updates.

2. Update the risk register with revised likelihood/impact scores.

3. Test contingency plans through drills and simulations.

4. Refine environmental reporting metrics to align with evolving regulations.

What governance mechanisms and tools would you implement to ensure legal compliance and mitigate reputational risk?

Risk registers, governance, risk and compliance frameworks, Privacy Policy, ISO 26000 Social Responsibility Stand

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Thermo Ltd should implement a dynamic enterprise-wide risk register that captures AML/CTF, privacy, and climate-related financial risks. This register must link flagged suspicious transactions and privacy breaches to specific risk categories, enabling targeted mitigation and control enhancement.

Scenario-based contingency planning should be developed for high-risk areas, including:

AML/CTF breaches

Privacy incidents

Climate disclosure risks

A dedicated Environmental and Sustainability Committee should be established to oversee compliance with emerging climate related risks and financial disclosure obligations. External assurance providers should be engaged to validate disclosures.

Thermo Ltd should also conduct regular scenario workshops to test resilience and response readiness.

Finally, advanced data analytics tools should be leveraged for continuous monitoring of transactions and other key compliance risks.  Automated alerts and real-time dashboards will enable proactive risk identification and timely intervention.

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Thermo Ltd should maintain a central risk register to track key compliance risks—such as anti-money laundering, privacy, and climate reporting—assigning clear controls and responsible owners. Scenario planning and contingency plans are essential, enabling the company to anticipate incidents like data breaches or regulatory investigations and respond quickly with predefined protocols.

For climate-related financial disclosures, Thermo Ltd must align with current Australian and international standards, ensuring accurate data collection, board oversight, and external assurance. A robust compliance management system, based on ISO 37301, should underpin all activities, with clear policies, regular training, and real-time monitoring.

Strong governance is vital: dedicated board committees should oversee compliance, risk, and audit functions, ensuring these are embedded in both strategy and daily operations. Technology and analytics should be used to monitor transactions, manage privacy, and support ESG reporting. A whistleblower policy and clear incident response protocols will help address breaches swiftly and transparently.

Finally, Thermo Ltd should focus on transparency, ethical leadership, and proactive stakeholder engagement to build trust and protect its reputation. Regular audits and open communication will help ensure resilience and compliance in a changing regulatory environment.

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Develop a scenario-based compliance strategy that integrates risk registers, contingency planning, and environmental reporting.

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Develop a scenario-based compliance strategy that integrates risk registers, contingency planning, and environmental reporting.

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AML:

in addition to data analytics reports, would invest in staff to review output of reports. Would also invest in training to frontline staff to increase level of transaction monitoring. Control testing would review outputs of report and analysis compared to actual transactions. AML obligations would be linked to Risk registers (eg there is a risk of layered transactions not being detected)

Privacy Act

Data analytics flag potential privacy breaches after the fact. And requires someone to review and detect and decide on output. As with AML, invest in training to support staff identify in addition to automatic detection. Risk register could be linked to reporting obligations to ensure mandatory disclosure within 72 hours of a breach

Climate disclosure

The key risk that stands out to me is that the data may not be accurate of able to be validated. Robust controls and assurance from Line 2 and Line 3 to challenge reporting to give senior leadership and board comfort in accuracy of disclosures. To support corporation act compliance

Contingency Planning

Recommend business consider changes to climate related disclosures. For example, what if government changes legislation and mandates a predefined offset amount that must be achieved by business. How would this be reported and monitored?

AML - as is being seen today, scams accord / scams safe strategy. What other regulations could change - for example, if $10K is no longer considered the amount for A TTR and is changed to $5K - what effort would be required to achieve compliance