Updated: Aug 12, 2019
To effectively fulfill its core mandate of protecting the integrity of the insolvency system, the OSB will finalize the implementation of its Compliance Framework (CF) starting with the deployment of a nationally consistent Debtor Compliance Program. It will also undertake an assessment of its Licensed Insolvency Trustee (LIT) Compliance Program to ensure that it effectively detects, assesses and addresses risks of non compliance in the insolvency system.
The implementation of a revised Debtor Compliance Program will help the OSB operate within national standards, generate data to support meaningful decision-making and inform the organization on the effectiveness and efficiency of its program delivery.
The OSB's LIT Compliance Program is a core element of the OSB's Compliance Framework. As such, it is important to assess its effectiveness in achieving its intended goals and to consider areas for potential improvement.
OSB plan for 2019–20
The OSB will deploy a revised Debtor Compliance Program by:
· Identifying regional program efficiencies and best practices suitable for national implementation;
· Assessing information systems to support program delivery, in particular their capacity to identify issues and trends within the insolvency system;
· Exploring a predictive analytics model; and
· Identifying measurable program outcomes to gauge effectiveness and efficiency, as well as establishing performance targets.
· The OSB will assess the effectiveness of its LIT Compliance Program by:
· Reviewing whether its LIT Compliance activities, if undertaken as designed, are effectively allowing the OSB to detect, assess and address risks to the insolvency system by LIT non-compliance; and
· Considering and implementing potential improvements to the program.
In 2019–20, the OSB expects to achieve the following results:
· Make significant progress in the implementation of a revised Debtor Compliance Program, including the development of national policies and processes, commencing the development of a supporting information technology system and establishing program performance targets; and
· Complete an assessment of the effectiveness of the OSB's LIT Compliance Program, implement improvements in some program areas within the fiscal year and develop an implementation plan for more complex improvements that require additional time.
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