Before too many more instant solutions get thrown around.....
Please read the latest edition of Australia's "Aviation State Safety Programme", ICAO Document 9734 (Safety Oversight Manual-Part A-The Establishement and Management of a State's Safety Oversight System), ICAO Annex 1 and Annex 6 (and especially Appendix 5: State Safety Oversight of Air Operators) and ICAO Document 8335 (Manual of Procedures for Operations Inspection, Certification and Continued Surveillance).
Then some of the instant solutions can be better benchmarked.
And for those wanting lock stock and barrel adoption of the FAA rules.....you will have time, in the midst of reading the above, to start to figure out how to explain to all the co-pilots in Australia with less than 1500 hours why they will no longer have jobs and explain to EASA why we have stopped requiring MCC training. Just for starters.