Business and compliance skills:

Overview

Business and compliance encompasses the broad range of skills industry require to run a successful business, to understand relevant regulatory requirements and to maintain compliance.

Though there are many business skills required to be a successful business leader, key skills may include sound financial and project management skills, the ability to plan, and effectively manage resources. Understanding the regulatory environment in which the industry is operating is also necessary, to ensure that the company adheres to industry standards and rules, follows internal compliance guidelines, and maintains dialogue with regulatory bodies for the industry.

The project Supply chains is examining the implications of major changes underway across, and within, supply chains due to the impact of automation, robotics, big data and other new technologies. The skills needed to support innovation and new technologies will be the key to the future success of industry throughout the supply chain.

This project is one of nine cross-sector projects being undertaken by the Australian Industry and Skills Committee, to address common skills needs, minimise duplication, and consolidate existing training units.

Industry skills needs

Generic skills

In their 2018 Skills Forecasts, IRC’s ranked a series of 12 generic skills categories, in priority order.

Financial skills (which are a key component of business and compliance skills) received an average ranking of 10^th (out of 12) across all skills forecasts.

Priority skills

Business and compliance skills were also identified to a moderately high degree by industries that reported on priority skills in their 2018 Skills Forecasts

The four broad areas of business and compliance skills identified most frequently were:
Regulatory/Legislative/Compliance, identified by the following industry sectors: Aerospace Aquaculture and Wild Catch Aviation Education Financial Services Maritime Process Manufacturing - Plastics, Rubber and Cablemaking Property Services Transport and Logistics
Health and Safety, identified by the following industry sectors: Aviation Electrotechnology ESI Generation ESI Transmission, Distribution and Rail Gas Maritime Process Manufacturing - Recreational Vehicles Rail Transport and Logistics
Risk Management, identified by the following industry sectors: ESI Transmission, Distribution and Rail Financial Services Information and Communications Technology Public Safety
General business skills (for example, financial, organisational, planning, operational), identified by the following industry sectors: Aviation Gas Maritime Process Manufacturing - Manufactured Mineral Products Process Manufacturing - Recreational Vehicles Rail Transport and Logistics Water

Case studies

Transport industry cluster

The Transport industry plays a key role in enabling Australia’s economic activity. Without the capacities and capabilities provided by the Transport industry, no passengers or freight would move. The industry comprises four sectors:

Aviation
Maritime
Rail
Transport and Logistics

Work health and safety, and compliance skills (or a combination of both) were reported in the IRC Skills Forecasts for each of these sectors. These quotes highlight why business and compliance skills have been prioritised in the Transport industry cluster:

Any changes made to the regulatory environments within the Transport and Logistics industry directly affects the workforce. Companies will be required to upskill and retrain workers to meet these requirements, for example, new regulations in fatigue management and heavy vehicle operated competency. Consequently, the skills required by the workforce will need to keep pace with any future developments. (Transport and Logistics IRC)

Deck and Engineer officers must manage not only the crew and vessel but the compliance requirements of the various countries that vessels dock in. (Maritime IRC)

The Rail industry’s focus on improving track safety, worker skills and safety critical communications is ongoing, with the Office of the National Rail Safety Regulator (ONRSR) highlighting this area as a key priority in their 2016 annual report……. Safety critical communications and systems will become a higher priority as the industry embraces technology. The Rail industry will need to provide a level of comfort to the public, who are likely to have reservations about the safety of new technologies and autonomous systems. (Rail IRC)

Ongoing Australian aviation safety regulatory changes, will also necessitate periodic review of Training Package materials to ensure they are fit for purpose and meet Australia’s national and international aviation safety regulatory obligations. (Aviation IRC)

Updated: 19 Dec 2018