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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Rising Demand, Real Impact: Why the Bachelor of Social Work is the Future of Care and Community

As Australia faces growing challenges in mental health, aged care, family services, and community wellbeing, social work is emerging as a vital profession for the country’s future. The Bachelor of Social Work is more than a degree—it’s a pathway to a meaningful, stable, and in-demand career. 

National Trend: A Growing Need for Social Workers 

The Australian Government’s Labour Market Insights report highlights that the demand for qualified social workers is expected to grow strongly in the coming years. Between 2023 and 2028, social work jobs are projected to grow by over 23 percent. 

This increase is driven by: 

  • Greater focus on mental health services 
  • Expanding aged care and disability support 
  • Government investment in child protection and family services 
  • The need for culturally competent professionals in ever increasing multi-cultural communities 

Why International Students Should Consider Social Work 

Social work is recognised as a skill shortage area in several Australian states, which opens doors to potential migration opportunities through state nomination and skilled visa programs. 

Other benefits include: 

  • Qualifications that are nationally accredited and recognised (often through AASW – Australian Association of Social Workers) 
  • Diverse employment opportunities in government agencies, non-profits, healthcare, education, community organisations and pathways for research careers 
  • Opportunities to build strong professional skills in communication, cultural sensitivity, and case management 
  • A career that provides emotional rewards alongside professional growth 

Career Opportunities After Graduation 

Graduates with a Bachelor of Social Work may pursue roles such as: 

  • Mental health social worker 
  • Child and family support officer 
  • Community development worker 
  • Hospital or school social worker 
  • Aged care or disability services coordinator 
  • Crisis intervention or domestic violence case manager 

Many of these roles appear on Australia’s skilled occupation lists, offering a clear path for international graduates who wish to stay and work in the country. 

Why Social Work Matters 

Social work  combines professional knowledge with a deep sense of empathy and service. It is a career for those who want to make a lasting impact—whether by supporting individuals through hardship, strengthening families, or advocating for vulnerable communities. 

If compassion is in your DNA, the world needs you now more than ever. 

The challenges around us are many — injustice, inequality, suffering — but what we need are people bold enough to face them head-on. People with heart. People with courage. 

At NAPS, we don’t just train social workers — we shape change-makers. 
We’ll equip you with the skills to think critically, act creatively, and respond with innovation in the face of real-world problems. 

‘Let's get this right, when compassion meets action, everything changes' 

24/04/2025 Professor Venkat Pulla 

 

Choosing to study a Bachelor of Social Work is both a smart and compassionate decision. It leads to a career with strong job prospects, personal fulfilment, and the potential to contribute meaningfully to Australian society. For international students, it also offers long-term opportunities and a chance to be part of a profession that changes lives. 

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image 15 Apr 2025

IFRS in Australia: A Guide to Financial Transparency and Accountability 

International Financial Reporting Standards (IFRS) form the backbone of financial reporting in Australia. Since their adoption in 2005, IFRS has shaped how businesses communicate financial information, ensuring consistency and transparency. But what does this mean in practical terms for businesses, investors, and the broader economy? 

The Role of IFRS in Financial Reporting 

IFRS is a set of internationally accepted accounting standards issued by the International Accounting Standards Board (IASB). Its primary goal is to create a common financial language that facilitates comparability and reliability across global markets. Over 140 countries, including Australia, have adopted IFRS, making it a fundamental element of financial regulation and reporting. 

In Australia, the Australian Accounting Standards Board (AASB) is responsible for implementing IFRS while considering local economic and regulatory factors. This ensures that financial statements meet global expectations while addressing specific national requirements. 

Why IFRS Matters to Australian Businesses 

For companies operating in Australia, IFRS compliance is not just a regulatory obligation but a strategic advantage. Standardised financial statements help investors, creditors, and stakeholders make informed decisions, reducing uncertainty and enhancing market confidence. 

Before IFRS, different national accounting standards created inconsistencies that made financial comparisons difficult. Now, whether an investor is assessing an Australian firm or a European counterpart, IFRS ensures that financial data is presented in a uniform and understandable manner. 

Key IFRS Standards Impacting Australian Businesses 

Several IFRS standards significantly impact how companies report financial information in Australia: 

  • Revenue Recognition (AASB 15/IFRS 15): Establishes clear guidelines on when and how businesses recognise revenue, reducing discrepancies and enhancing consistency. 
  • Lease Accounting (AASB 16/IFRS 16): Requires companies to record most lease obligations on their balance sheets, offering a more accurate picture of liabilities. 
  • Financial Instruments (AASB 9/IFRS 9): Regulates how businesses classify and measure financial assets and liabilities, improving transparency in risk assessment. 

How IFRS Affects Investors and Everyday Australians 

IFRS extends beyond businesses and accountants—it influences anyone with an interest in financial markets. Investors, for instance, rely on IFRS-based reports to assess company performance and make informed decisions. Superannuation funds, which manage retirement savings for millions of Australians, also depend on IFRS-compliant financial statements to evaluate asset performance and risk exposure. 

Moreover, IFRS supports economic stability by promoting confidence in financial reporting. When businesses adhere to a globally recognised standard, stakeholders can trust the accuracy of financial information, reducing the likelihood of financial misstatements and corporate scandals. 

The Future of IFRS in Australia 

Financial reporting standards continue to evolve, reflecting changes in business models, digital transformation, and sustainability concerns. The AASB actively monitors and updates IFRS standards to ensure they remain relevant to Australian businesses and investors. 

One emerging area of interest is sustainability accounting, which integrates environmental, social, and governance (ESG) factors into financial reporting. As global markets place greater emphasis on sustainability, new IFRS standards are being developed to provide consistent reporting frameworks for ESG disclosures. 

Final Thoughts 

IFRS plays an essential role in maintaining transparency, accountability, and trust in Australia’s financial system. Whether you are a business owner, investor, or finance professional, understanding IFRS helps you navigate financial statements with greater confidence. 

At NAPS, we are committed to equipping future professionals with the knowledge to interpret and apply IFRS effectively. Stay tuned for our next blog, where we will explore Sustainability Accounting—a growing field that integrates environmental and social considerations into financial reporting. 

 

Aflah Tasnim

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image 24 Mar 2025

Easter Breaks in Australia: Tradition, Symbolism, and Social Reflections

Easter is a significant holiday in Australia, widely observed with a mix of religious, cultural, and commercial traditions. For international students, especially those in social work, understanding the historical and social aspects of Easter can provide deeper insight into the cultural landscape of Australian society and its impact on various communities. 

The Meaning of Easter and the Holiday Break 

Easter, primarily a Christian festival, commemorates the resurrection of Jesus Christ. It is observed on the first Sunday following the first full moon after the spring equinox in the Northern Hemisphere, which places it between late March and April. In Australia, Good Friday and Easter Monday are public holidays, leading to an extended break. This time allows families and communities to gather, reflecting on faith, renewal, and togetherness. 

For social work students, Easter presents an opportunity to observe how different community groups engage with the holiday. It is a time when charities and social organisations focus on helping the vulnerable by providing meals, organising events, and addressing social isolation among the elderly or disadvantaged groups. 

The Easter Bunny and Eggs: Where Do They Come From? 

The Easter Bunny and chocolate eggs have become synonymous with Easter celebrations, but their origins predate Christianity. The rabbit, or hare, is an ancient fertility symbol associated with Eostre, the Anglo-Saxon goddess of spring and renewal. German immigrants brought the tradition of an egg-laying hare (the "Osterhase") to other parts of the world, including Australia. Over time, chocolate manufacturers commercialised the idea, making Easter eggs a beloved tradition. 

Eggs, which symbolise new life and rebirth, were originally exchanged and painted in early Christian communities as a representation of Jesus’ resurrection. In modern Australia, this symbolism has evolved into Easter egg hunts, an activity enjoyed by families and communities nationwide. 

Easter's Social Implications in Australia 

From a social work perspective, Easter highlights various aspects of Australian society, including multicultural inclusion, commercialisation, and social equity. While many enjoy celebrations, others face financial hardship, loneliness, or food insecurity. Organisations such as the Salvation Army and St Vincent de Paul run initiatives to support marginalised communities during this period. 

For international students studying social work, Easter offers a chance to participate in community service, observe Australian social structures, and reflect on the importance of cultural traditions in community bonding and support systems. It also serves as an excellent case study of how religious and cultural traditions are adapted within a multicultural society like Australia. 

Easter in Australia is more than just a holiday; it is a reflection of history, tradition, and community welfare. Understanding its roots and contemporary impact can provide social work students with a broader perspective on cultural diversity, community support, and the role of social services during national celebrations. Engaging with Easter from a professional and academic viewpoint enables students to appreciate the social fabric of Australia and contribute meaningfully to community well-being. 

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image 24 Mar 2025

AI and its Importance to Students in the Professions (Part I)

Decades ago it was the Internet, then the World Wide Web, then Steve Jobs and the Apple products that would change the world.  Then came the cloud, social media, the Internet-of-Things, block-chain, metaverse, Zoom—the impact of technology continues to make headlines and AI brings all of these together. Over the last few months, the latest buzz concerns artificial intelligence (AI). Not a day goes by without highlighting either gloom and doom or promises of great things to come. 
 
As a higher education institute concerned focused on the professions, NAPS believes that every major profession or industry will experience significant, and in many cases transformational, changes as a result of developments in AI. Health care, education, law, accounting, business, communications, transportation, retail, agriculture—all will have to grapple with the impact of AI in seizing its advantages while minimising potential risks.
 

What is AI?

Artificial intelligence is a branch of computer science that uses multiple disciplines including deep and machine learning,  to build smart machines that are able to do complex tasks, including in some cases those that ordinarily would require human intelligence.
AI comes in two major forms: narrow and general. 
 
Narrow AI involves the creation of smart machines that can do one task, for example, play chess.  With large data sets and blinding speed and the ability to constantly learn, a chess computer can perform tasks better than any human.  Evidence the defeat of world chess champion Gary Kasparov by ‘Big Blue’. 
 
General AI (or ‘strong’ AI) involves the creation of smart machines that have a much wider or general application. An example is a robot or an android that looks human and can do a wide range of tasks, only faster, more consistently and smarter than a human.
 

AI Potential  and Fears. 
Many experts write of the many positives that AI will bring to almost every field of endeavour. Reflecting upon the immense potential of AI Erik Brynjolfsson and Andrew McAfee wrote in 2018:

 
“For more than 250 years the fundamental drivers of economic growth have been technological innovations. The most important of these are what economists call general-purpose technologies — a category that includes the steam engine, electricity, and the internal combustion engine. The most important general-purpose technology of our era is artificial intelligence, particularly machine learning.”2

Most of the fears about AI are about general AI.  At the extremes, some experts think What are the risks to humanity itself when most of the ‘intelligence’ in the world is machine made rather than man-made.  The essence of these concerns is captured by world renown theoretical physicist, Stephen Hawking, who noted:

"Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last, unless we learn how to avoid the risks."
 

AI Issues for students preparing for a career in the professions.

For students pursing a degree in the major professions, here are just a few of the many issues and topics involved with AI development about which you should have some awareness:
 
  • Industrial opportunities and challenges in developing AI
  • Enhanced data collection, big data analytics/algorithms and ever-increasing application to new areas of human activity.
  • Understanding society-wide impact in key areas, eg introduction and rapid expansion in use of automated transport
  • Expanding the application of blockchain technology in providing solutions to multiple industries
  • The role of AI in the biological sciences and breakthroughs in health informatics
  • The role of AI in enhancing the productivity and intellectual power of humans
  • Role of humans in interacting with AI products to ensure they are safe and do what we want
  • Speech recognition developments to promote universal applications and enhance human-machine interactions
  • The impact of AI on digital marketing and other business activities
  • Commercialization challenges and opportunities in relation to AI
  • Capturing video and incorporating it in AI applications
  • Machine and deep learning in the next generation of AI applications
  • How to better define and control the boundaries on AI systems
  • Growing movement towards singularity and machines approaching and in an increasing number of areas surpassing human intelligence.
  • Capturing the potential of big data analytics while at the same time dealing with challenges of discrimination and prejudice that can occur
  • How to build AI to Scale and gain return on investment
  • Internet of things: use of AI to help build systems in which various technologies are connected and working together to transform organizations and industries.
  • The impact of robotics and AI on employment.
  • Education: how do we bridge the talent gap needed to develop this important new area? How can universities, through their research mission, better support the growth and development of this important industry? How will AI change how education is delivered and to whom?
  • Geopolitical questions such as regulation across national borders, impact on security, cyber warfare and so on
  • Challenge of regulation so that AI advances promote industry advancement and at the same time protect important human values such as privacy.
  • Law as infrastructure: how can a legal framework be put into place that achieves the benefits of AI while at the same time limiting and guarding against potential harms that may result?  How does law, which tends to work on a linear path, keep up with technology which is growing exponentially?

Conclusion
Above all, today’s students as our future leaders in government, industry, education and all professions must develop a deep understanding of the nature and implications of AI so that they may enable us to have the knowledge to reap its rewards and the wisdom and responsibility to ensure its use for the betterment of humankind and society.


_______________________________
1Emeritus Professor, University of Canberra, Chair, Board of Directors, National Academy of Professional Studies; Fellow, Australian Academy of Law.
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image 13 Feb 2025

The Growing Importance of Cybersecurity and Networking in Australia: A Guide for International Students

Rising Demand for Cybersecurity Professionals

Australia is experiencing a rapid digital transformation, with businesses and government agencies increasingly relying on secure networks to protect sensitive data. This shift has led to an urgent need for skilled cybersecurity professionals who can safeguard information systems from cyber threats. With the rise of cyberattacks, including data breaches and ransomware incidents, the Australian government has implemented strict regulations to enhance cybersecurity measures, further fuelling the demand for experts in the field.

The job market for cybersecurity professionals in Australia is thriving, with various industries actively hiring, including banking, healthcare, government, and technology sectors. Organisations are prioritising robust security frameworks to comply with national and international security standards, creating an abundance of opportunities for those skilled in cybersecurity and network protection.


Future Career Opportunities & Salary Expectations

With cybersecurity threats evolving, professionals in this field enjoy strong job security and lucrative career prospects. There is a particularly high demand for specialists in sectors such as banking, healthcare, and technology, where data security is paramount.

· Entry-level positions (e.g., Security Analyst, Network Security Engineer) can expect salaries ranging from AUD 80,000 to AUD 100,000 per year.

· Mid-level roles (e.g., Security Consultant, Cybersecurity Specialist) typically earn between AUD 100,000 and AUD 140,000 annually.

· Senior positions (e.g., Cybersecurity Manager, Chief Information Security Officer) command salaries upwards of AUD 150,000 to AUD 250,000.

For international students, Australia provides pathways to employment through the Temporary Graduate Visa (subclass 485), allowing graduates to gain work experience and potentially secure employer sponsorship for permanent residency. This makes studying cybersecurity an attractive option for those looking to build a long-term career in Australia.


Why Cybersecurity is a Hot Course for the Future

Cybersecurity is one of the fastest-growing fields worldwide, with job opportunities expected to expand further due to increasing cyber threats and technological

advancements. In Australia, the government is heavily investing in strengthening its cybersecurity infrastructure, making this field even more critical for national security and business operations.

Globally, there is a significant shortage of cybersecurity professionals, leading to high job security and competitive salaries. Emerging trends such as artificial intelligence (AI) in security, cloud security, and ethical hacking are reshaping the industry, creating exciting opportunities for IT graduates specialising in cybersecurity and networking.


Why Study Cybersecurity & Networking at NAPS?

For international students considering a Bachelor’s or Master’s in IT, NAPS offers programs designed to equip students with industry-relevant, hands-on skills. The programs focuses on:

· Practical Training: Students gain real-world experience through hands-on projects, simulations, and networking labs.

· Industry Connections: NAPS’ Industry Consultative Committee enable it to collaborate with leading tech companies, providing opportunities for internships and job placements in the future.

With the increasing need for cybersecurity professionals, studying Cybersecurity and Networking at NAPS presents an excellent opportunity for international students to secure high-paying jobs and long-term career growth in Australia. The field promises not only job stability but also a chance to work on cutting-edge security solutions in a digital-first world. If you are passionate about IT and security, this is the perfect time to enter the field and contribute to Australia’s cybersecurity landscape.
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