Achieving Regulatory Compliance in a Digital World

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image09 Jul 2019

The world today is increasingly complex and our lives increasingly digital.  In a global economy, human activity—goods and services move across national borders. In this environment, legal compliance has grown in volume and complexity.  Moreover, the regulatory context is constantly changing with liability ever more likely to extend to personal responsibility, in addition to corporate. Aggressive regulatory agencies and new procedures such as class actions and expanded discovery are making the cost of non-compliance more prohibitive than ever.

This new environment has seen greater attention by regulators and those regulated to use technology to monitor compliance. ‘RegTech’ is the blended term that describes the use of technologies to deliver regulatory requirements. This involves using technology to better deliver value in relation to reporting, monitoring, providing analytics and fulfilling auditing requirements.  Compliance is thus able to be achieved more efficiently, more effectively and with greater transparency. The technology enables better outcomes for both the regulator and the entity being regulated.  It is superior to traditional systems that have been, and largely remain, paper-based, bureaucratically centred, transaction-focused, and involving many intermediaries in the regulatory chain. 

Although RegTech has been focused in the early days on the banking and finance industries and is often seen as a subset of FinTech, its applications are rapidly expanding to many other areas, such as share markets, debt collection, health and insurance. The growth of RegTech also highlights the reality of that most areas of human activity are experiencing disruption.  This, in turn, is leading to a greater willingness of regulators and business to disrupt existing practices as information systems become digitized, dematerialized and widely distributed.

Included among the growing ‘tool-set’ of RegTech are:  data warehouses able to engage in big data analytics, for example to spot gaps in regulation and areas of high risk for non-compliance; checking/auditing tools that eventually may have the capacity to audit 100% of transactions; automation tools which disintermediate the value chain and reduce or eliminate the many intermediaries that present the opportunity for fraud and corruption; transaction reporting, information management tools, enhanced regulatory reporting, training packages, case management tools and more.

Another driving factor in the growth of RegTech is the fact that with the growth of e-government, business-to-business and e-commerce today, organisations have more touch points across multiple media, with multiple channels. Organisations are required to be more citizen and customer-centric.  Technology such as machine learning, high powered computing, big data analytics, Internet-of-things, mobile and cloud computing help organisations to be more responsive, to provide tailored service, and an enhanced customer/citizen experience. In this sense, compliance is aligned with good business practice, dedicated customers, enhanced trust and transparency, and brand enhancement.

Another feature of much RegTech is that these technology advances are often more likely to be undertaken by more nimble start-ups.  This is because bureaucratic entities are often laden down with restrictions, less adaptive and less flexible than outside entities.

In order to maximize the potential of RegTech continuing legal reform is required, especially in developing uniform standards.  We need a type of ‘legal lego’ in order for innovative applications to use these bricks to build the systems architecture required for a 21st Century Information Age.  International and industry-specific organisations such as APEC, UNCITRAL, UNIDROIT, standard-setting bodies and many others all play a role in this process.   As they make progress in e-government, nations will also need to focus more on re-design of the whole regulatory value chain.  This work should include consultation with all key stakeholders and based upon an analysis of how people are interacting online.

As RegTech grows in momentum, governments and industry will have to focus on adding value to the consumer and providing for consumer protection. In China, the Shanghai Futures Exchange in 2016 introduced SMARTS, the new market surveillance platform powered adopted as Nasdaq’s flagship surveillance solution.  In May of this year, China’s central bank, the People’s Bank of China (PBOC announced the creation of a FinTech committee under the supervision of the PBOC’s. This committee is charged with monitoring the impact of RegTech and FinTech and serves to coordinate growth in this important area.  Indeed, just as China has been a world leader in infrastructure, RegTech and FinTech represent opportunities for China to be leaders in this area of future growth and development thereby enhancing its economic competitiveness.

Another strategy being used in the US, Australia, Canada, and the UK, is the creation of a regulatory ‘sandbox’ in which startups have a safe space to develop, test and pilot new RegTech applications. In the UK, for example, the Financial Conduct Authority has initiated an industry sandbox providing a space for continuous dialogue, idea generation, testing, and feedback between FinTechs, key stakeholders, regulators, and regulation technology (RegTech) groups.  The Australian Securities and Investments Commission (ASIC), which regulates financial services and markets in Australia, provided recommendations and engaged in consultation on how to establish best practices and guiding principles for the Australian regulatory technology (RegTech) eco-system

Governments also need to enhance innovation in regulation and compliance.  The Indian Government has pushed for RegTech through its Startup India and Digital India Initiatives.  Late last year, the Singapore Stock Exchange collaborated with two firms to develop applications to detect market misconduct and search for ways to promote good market practices and a fair, open and competitive market.  
The technology industry and governments must also do a better job of partnering. In the past, many technology companies have tended to view regulation as a barrier.  With the advent of RegTech, companies and governments are increasingly seeing it as an opportunity. This will only happen, however, if companies and regulators engage with one another, agree on priorities and focus on demonstrated benefits to citizens and customers.  
The RegTech industry is also getting itself organized. Evidence of the rapid growth of RegTech is the formation of the International RegTech Association (IRTA): https://regtechassociation.org/ . IRTA) exists to ease and accelerate the evolution of RegTech by promoting innovation and facilitating integration and collaboration, throughout the global RegTech ecosystem.

Finally, University academics, working across multiple disciplines, should also be proactive in the RegTech process as by helping to develop, evaluate, design and re-design new regulatory theory and models so that the benefits of RegTech may be maximized for the benefit of all.

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Exploring IT Job Opportunities in Sydney: A Guide for NAPS International Students

Sydney is Australia's leading technology hub, offering a diverse range of opportunities for IT professionals. As an international student at NAPS, your entry into Sydney's IT job market can be full of exciting opportunities if you know where to look and how to prepare. This guide will help you understand the market, find job opportunities, and connect with Sydney's tech community.

  1. Understanding Sydney’s IT Job Market

The IT job market in Sydney is vast and diverse, with opportunities in a variety of fields such as software development, cybersecurity, cloud computing, data analytics, and IT support. Sydney is home to both established tech titans such as Google, Atlassian, and Amazon Web Services, as well as a thriving startup scene centred on AI, fintech, and digital services.

Programming (Python, Java, and SQL), cloud solutions, data science, cybersecurity, and DevOps are all highly sought-after skills. Entry-level positions are typically available to students who can demonstrate strong technical skills and adaptability.

  1. Top Job Search Platforms

The following job search platforms are widely used in Australia and offer numerous opportunities in IT:

  • Seek (seek.com.au): Australia’s leading job site, with a wide range of IT roles.
  • Indeed (indeed.com.au): Known for both full-time and contract positions across various experience levels.
  • LinkedIn: Allows you to connect directly with recruiters, join industry-specific groups, and apply for roles at top companies.
  • GradConnection: Aimed at graduates, this site offers entry-level IT jobs and internships ideal for building practical experience.
  • Australia’s Jobactive (jobsearch.gov.au): Government-supported job site with roles suitable for recent graduates and those with work restrictions.

Encourage students to set up job alerts on these platforms to receive updates on new job openings.

  1. Networking Opportunities in Sydney’s Tech Community

In Sydney's cutthroat job market, networking is essential to success. Making connections with experts and going to events as an international student can provide you with insightful information and potentially lead to career referrals.

Popular networking events include:

  • Sydney Tech Meetup and Startup Grind Sydney: Monthly meetups for technology professionals, offering insights into the latest tech trends.
  • AWS Summit Sydney and Data Science Melbourne/Sydney: Larger annual conferences focused on cloud computing and data science, where you can connect with industry experts.
  • General Assembly and Fishburners: These coworking spaces and educational hubs offer regular workshops, hackathons, and networking events focused on tech.

Joining online communities through platforms like Slack (e.g., Sydney Startups) or Discord is another effective way to network from anywhere.

  1. Working with Recruitment Agencies

Several recruitment agencies specialize in IT placements in Sydney, and connecting with a recruiter can streamline your job search. Notable agencies include:

  • Peoplebank
  • Michael Page Technology
  • Hays IT
  • Robert Walters Technology

These agencies often have access to exclusive job openings and can help you prepare for interviews and assessments, so it’s worth establishing a professional connection with them.

  1. Building a Stand-Out Resume and Interview Skills

In Australia, resumes are usually straightforward and focused on measurable achievements. Highlight technical skills, specific projects you’ve worked on, and any practical experience relevant to the role you’re applying for.

Key Tips:

  • Use bullet points to list responsibilities and achievements for each position, focusing on quantifiable results (e.g., “Developed a Python script that reduced data processing time by 40%”).
  • Be prepared for behavioral interview questions, as Australian employers often prioritize soft skills like teamwork, problem-solving, and adaptability.
  • Research the company culture and demonstrate an understanding of their values in your application.

  1. Support and Resources for International Students

Keep in mind that NAPS provides career resources to assist you as you begin your job search. Additionally, websites like Fair Work Australia and Study Australia can be excellent resources for learning about work conditions and visa regulations, and the Fair Work Ombudsman offers helpful information on your rights at work.

Final Words

Breaking into Sydney’s IT market is achievable with persistence, preparation, and networking. You'll be well-equipped to thrive in the local employment market if you make use of these tools, maintain your skills, and network with Sydney's IT community.

I wish you well as you navigate the dynamic IT world of Australia!

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NAPS International Student Caps and Updates

In response to proposed legislation that would limit international student enrolments, NAPS is carefully evaluating how such changes might impact our institution and community. NAPS remains firmly opposed to these caps, recognising the invaluable contributions international students make to the social, intellectual, and cultural vibrancy of our campuses and cities. Our commitment to welcoming international students and providing a world-class education remains steadfast. We will continue to seek and support talented students from around the globe and encourage prospective international students to apply.

Importantly, these proposed caps do not currently affect students already enrolled in our graduate programmes or those pursuing an undergraduate degree who plan to continue directly into our graduate programmes.

We will keep this page updated with the latest developments regarding the proposed legislation. Please check back regularly for new information.

 

Frequently Asked Questions (FAQs)

1. What is the international student cap at NAPS, and why has it been implemented?

An international student cap is a limit on the number of international students that can enrol in a higher education institution. In Australia, the government has announced that the cap for 2025 will be 270,000 for all new international students except for a few exempt cases.

NAPS aims to maintain a balanced, high-quality learning environment. By implementing the caps on international student enrolments, we will ensure access to resources and support services for all students, fostering a diverse and sustainable academic community.

 

2. How will these changes impact my application to NAPS?

While NAPS remains open to international applications, students may experience increased competitiveness during the admissions process. We encourage applicants to complete their applications early to secure a spot in NAPS.

 

3. Are there any priority admissions criteria for international students?

 NAPS assesses all applicants holistically, but students with higher academic achievements, English proficiency, and alignment with NAPS’s values may have an advantage. Specific guidelines can be found on our admissions page.

 

4. How will current students be affected by the cap?

The cap will not affect current NAPS students’ status. However, some adjustments in class sizes and availability of elective courses may occur. NAPS remains dedicated to offering all students a robust educational experience.

 

5. What support services are available for international students impacted by these changes?

NAPS offers a wide range of support services, including academic counselling, and mental health resources, to ensure that all students can thrive in their academic journey.

 

6. I have an offer to NAPS for 2025. What should I do?

If you have an unconditional offer for Semester 1, 2025, we strongly encourage you to accept it to secure your place. For students with a conditional offer for Semester 1, 2025, we recommend meeting any outstanding conditions as soon as possible and then proceeding to accept the offer.

For additional support, please contact us: admissions@naps.edu.au


Updates and Important Notices

NAPS will continue monitoring government policies and the needs of our student body. We encourage students and agents to refer to this page regularly for the latest updates.

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What and How Professionals Perform

Towards Continuous Improvement Along Your Professional Journey 

The act of being a ‘professional’ is not and endpoint, but a lifelong journey on which you continue to learn, unlearn as you consider new evidence, and then learn again.  This view is supported by research in education as well as other branches of science, including psychology. Building one’s repertoire of professional skills involves constantly strengthening of existing connections and the generation of new ones.  

 

Importance of testing  

In converting study into mastering new knowledge perhaps the single most important strategy is to regularly ‘test’ yourself as you go.  Reading and re-reading is not nearly as effective as testing yourself.  Taking tests on the new material multiple times will result in neuro-coding, i.e. locking it into your mind.  So, the pattern should be study, then test. Study some more, test again.   

It is important that you see testing in a positive light. Recognise that emotion plays an important role in learning and motivation to learn.  See testing as ‘learning’ not ‘evaluation’ 

 

Focus / alertness / motivation   

Attention and focus are vital. Applying our attention and focus turns on the nervous system.  Be honest with yourself.  Focus and attention involve commitment and hard work.  Successful students can force themselves to focus. They commit to put in the hard work. They understand that learning is meant to feel difficult.  It requires effort. You can do hard things.  Moreover, doing hard things is vital for personal and professional growth.   

 

As philosopher Will Durant argues: 

 “The golden mean, however, is not, like the mathematical mean, an exact average of two precisely calculable extremes; it fluctuates with the collateral circumstances of each situation, and discovers itself only to mature and flexible reason. Excellence is an art won by training and habituation: we do not act rightly because we have virtue or excellence, but we rather have these because we have acted rightly; “these virtues are formed in man by his doing the actions” we are what we repeatedly do. Excellence, then, is not an act but a habit: “the good of man is a working of the soul in the way of excellence in a complete life;... for as it is not one swallow or one find day that makes a spring, so it is not one day or a short time that makes a man blessed and happy.”

Don’t make excuses.  Don’t wait till you get motivated.  Action precedes  motivation. As H. Jackson Brown Jr. noted: 

“Don’t say you don’t have enough time. You have the same amount of hours per day that were given to… Michelangelo, Mother Teresa, Leonardo Di Vinci… and Albert Einstein.”   

 

Seek feedback 

Learners should actively seek feedback from their teachers, peers and other stakeholders. Constructive feedback helps identify areas of improvement and provides an opportunity for growth. Actively engaging in discussions and collaborating with others can foster creativity and lead to deeper knowledge and better learning strategies. 

 

Use all your senses 

Memory, learning and focus are also enhanced when one uses all your senses.  See it, hear it, write it down and then test yourself on it to determine what you know, how well you know it, and what you don’t know.   

 

Power of story

Another powerful strategy involves the interleaving of information.  This is especially true in relation to the power of story to help you link elements together and trigger your mind and aiding recall and deeper synthesis of the information 

 

Power of sleep

There is also a strong link between one’s physical and mental health.  A good night’s sleep is vital for learning.  Actual changes that come about in the learning process do not occur during focus, but during sleep, especially during rapid eye movement which tends to occur near end of first night following learning. 

 

Nutrition and Exercise 

Two other vital components of physical health that play a significant role in effective learning are nutrition and exercise.  Good food and regular exercise increase your energy level and enable all biological systems (including the brain) to function at their best. 

 

Mindfulness, meditation, posture and deep breathing 

Focus is also assisted by mindfulness and meditation.  Ten minutes a day, focused on good posture, breathing and regular meditation and reflection on your professional growth will pay big dividends when it comes to learning.  (See e.g.’ Non-sleep deep rest (NSDR): https://www.sleepfoundation.org/meditation-for-sleep/what-is-non-sleep-deep-rest ). 

 

Structure and plan your study  

Learning will also be optimised if you schedule your day so that it supports optimal learning.  Successful students schedule their study as definite period of day.  They tend to have a definite period when they study alone and without distractions, including no phone or surfing the web.  It is important to choose times when you know you are alert.  Tell your friends-- no interruption!” –and enforce it.  Our brains get used to being focused on a particular time.  Developing and strengthening such a habit is a vital professional skill that will serve you well throughout life.1  

 

Invest in yourself and commit to continuous improvement 

Continuous improvement is the key to staying relevant in the ever-changing world of all professionals. It involves constantly learning new methodologies, tools, and techniques to enhance productivity and efficiency. By embracing a mindset of continuous improvement, successful professionals can keep up with industry trends and deliver better results. 

Successful professionals should invest time and effort in training and upskilling themselves. Continuous learning and professional development enable testers to acquire new skills and stay competitive in the industry. By regularly updating their knowledge and skill set, learners can improve their ability to tackle complex challenges. 

Continuous improvement is not a one-time activity but a lifelong commitment. It requires dedication, perseverance, and an eagerness to grow. By making continuous improvement a part of their professional journey, you can become more effective, efficient, and valuable contributors to your profession and wider community. Also, be curious.  Know that there is always something new to learn.  Know also that previous and current views must always be tested to ensure that current knowledge still applies to new situations.  Curiosity is the fuel that drives continuous improvement. As continuous learners, we must always keep our minds open, stay curious, and embrace new challenges. Only by questioning, exploring, and experimenting can we truly develop new skills and uncover the hidden flaws and vulnerabilities in our current knowledge. 

 

Take time to celebrate achievements 

Professionals should acknowledge and celebrate their achievements at every significant step. Recognising the progress made, boosts morale and motivates learners to keep pushing forward. Celebrating achievements also fosters a culture of appreciation and collaboration with other members of your learning and professional community.

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Social Work: Many Career Paths to Choose From

Emeritus Professor Eugene Clark

Graduates with a social work degree have many pathways leading to a variety of professional careers in public or private sectors.

 

Examples include: 

  • Medical Care Delivery Settings:An important and popular setting for social workers is in the health care field.  The need for social workers in the health care ssector will increase substantially as governments cope with ageing populations.  
  • Community Health Settings act as intermediaries between communities and social and health services. Their goal is to facilitate people’s access to these services, to improve their overall quality, and to inform the community members about available programmes, rights, etc. 
  • Education Settings:Another important context in which social workers play a vital role is providing support in education settings, especially serving to promote productive family/school/community relationships.  They also play a support role for children with disabilities and child protection. They work in coordinating government and community support in crisis situations.   
  • Case Managers:Social workers as case managers support people in need by directing them to the appropriate government, community or private sector providers of services.  They assist in helping clients to develop a plan of action and guide and work with clients as they progression the road to recovery.   
  • Mental Health Care Contexts:Other social workers focus on mental health services.  This involves offering psychological care to people dealing with a wide range of problems, for example drug addiction, depression, stress,  or abusive relationships.  
  • Pairing with other Professionals: Social workers often work with other professionals from such fields as education, human resources and work with professionals from other fields, like education, law and healthcare. In the case of law, for example, social workers play support and investigative roles dealing with such issues as anti-discrimination, human rights, child abuse, domestic violence and more.  
  • Substance Abuse Counsellors help people who struggle with alcohol or drug addiction, food disorders, and other behavioural problems. Substance abuse counsellors strive to teach people and help them change. 
  • Social Work in the Workplace: The concept of workplace safety in modern societies has increasingly expanded to include duties on employers and management to ensure a safe psycho-social environment.  Thus, employers will increasingly look for employees and leaders who have the appropriate ‘soft-skills’ to ensure a safe and productive work environment for all. See:  https://www.safework.nsw.gov.au/resource-library/list-of-all-codes-of-practice/codes-of-practice/managing-psychosocial-hazards-at-work
  • Social workers in Government: Other social work graduates are engaged in government roles such as public policy analysis, policy development and program delivery design. 
  • Other Roles: Graduates with social work degrees also find jobs in such areas as: behavioural management aide, case management aide, community outreach worker, eligibility worker, human services specialist, etc.  

In short, you will find opportunities for social work wherever people need assistance in negotiating the complex and challenging transitions that occur in life. 

The Future is Bright 

As shown by the examples above, the hard and soft skills learned in a Social Work degree are highly transferable and predicted to be in high demand leading to a challenging yet fulfilling career.

“There is no greater joy nor greater reward than to make a fundamental difference in someone’s life.” – Mary Rose McGeady

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The Importance of ‘Soft-Skills’ for Professional Practice in the 21st Century

Emeritus Professor Eugene Clark 

Educators today distinguish between “hard” and “soft skills.”  Hard skills are the technical skills required for a job and learned through formal education and experience. These skills are specific and typically can be quantified or evidenced by experience or a certification showing you have completed a particular course or gained a qualification.  Examples of hard skills include: computer programming, data analysis, copywriting, foreign language ability, marketing, etc.   

Soft skills, in contrast, are more behavioural. Examples are communication skills, conflict resolution skills, the ability to relate to people, ability to engage in effective teamwork, etc.  These soft skills typically are measured qualitatively.   

While employers want, and successful professionals need, employees with both hard and soft skills, it is the soft skills that will in the future be increasingly valued and in short supply. This is the finding of the World Economic Forum Report which found that nine of the top 10 skill gaps required of todays leaders involve the acquisition and application of “soft skills”. 

According to the Report, these high demand soft skills include: 

  • Analytical thinking 
  • Creative thinking 
  • Resilience 
  • Flexibility 
  • Agility 
  • Motivation 
  • Self-awareness 
  • Curiosity 
  • Lifelong learning 


At the National Academy of Professional Studies the development of soft skills as well as hard skills is stressed in each of our professional courses and qualifications. In addition, We conduct a series of workshops designed to guide students towards helping them to develop and enhance both their technical hard skills and soft skills." 

While our first courses have focused on traditional, more technical’ degrees related to business, we are also developing additional courses which also provide students with the option to pursue a career that has a greater focus on these soft skills.  We believe, as does the World Economic Forum Report mentioned above, that such soft skills will be increasingly important. We are committed to working on developing creative ways to integrate these soft skills into the student experience so that students, in turn, will transfer and build upon these soft skills throughout the life of their future career. 

The National Academy of Professional Studies (NAPS) has recently been approved to offer the world a degree in Social Work.  This for many reasons is an important milestone. 

Looking more broadly and to the future, all professions, indeed the world, urgently need to adopt the attribute and valus underlying the “soft skills” involved with social work: service to community, compassion, dedication, care, problem solving, hard work, optimism, motivation, resilience and more.  

These values and soft skills will enable future graduates to play leading roles in their chosen profession.  This in turn will enable society to preserve our professions, re-invigorate our institutions, build a strong economy, promote responsible government, rekindle personal autonomy and responsibility, renew enthusiasm for public service, protect the environment and enhance the social capital that comes when professions do their part in  supporting families and communities.

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