Compliance is a relatively new industry spawned in the nineties in response to a shift in thinking by corporate regulators from government imposed regulatory standards to the warm and fuzzy notion of self-imposed governance. When the regulator tells you what standards you must meet but not how you must meet them, compliance professionals fill the breach. Those engaged in the pursuit of any form of collective or pooled asset management are conversant with this new dimension of management.
Insurance companies, superannuation managers, share portfolio managers, agribusiness scheme managers, property syndicate and funds managers are all required to demonstrate compliance with laws that cover their field of expertise and are charged with the added responsibility of building and maintaining a compliance culture. Owners corporations manage collectively owned assets and funds worth billions of dollars and have so far escaped the compliance police. A cursory review of any set of books and records of an owners corporation large or small will unearth little in the way of evidence of a compliance culture within strata communities.