Increasing business value: OpenAFSL Release Notes
Since the last regular release, the Development Team has worked hard to ensure that this update includes as many of your proposed changes as we could accommodate.
Our mission is to free licensees from the burden of compliance and these refinements will not only lessen your burden but give you the tools to turn compliance into a strategic role. This update also includes performance improvements and bug fixes to make our platform better.
In a recent presentation, ASIC Commissioner Greg Medcraft spoke (again) about the need to use technology to better connect "people, places and parties" but supplemented his public endorsement of reg-tech by highlighting the compelling, and often overlooked, benefit of an investment in technology - "data is a business' most undervalued asset".
We think Mr Medcraft is right and that the quality of the data you retain - including, but not limited to, your compliance data - affects the value of your business. Better data equals a better business equals a higher valuation. The logic is inarguable. This is why we have:
- Rolled out the "Obligations and Risk Register" to centralise all your duties, obligations and controls in one place with automated reminders, workflows and certifications. The "Obligations and Risk Register" is your compliance framework and the automation will help you stay on top of your regulatory and operational responsibilities.
- We believe there's a correlation between a person's compliance risk and their approach to their ongoing training so we've refined the system to help you better monitor this relationship. Licensees can now set the start and end of their CPD Year and the points/hours required and the adviser's dashboard will provide real time confirmation of their progress.
- Your compliance framework may require you to survey people (or ask them for certifications or attestations). openAFSL now enables you to survey non-users and record their feedback (in an interrogable form) against their record and against relevant entities. So now, for example, you could ask your advisers whether they'd recommended "product X" in the last six months and have the answer automatically linked to their record and collated with every other response.
- Refined the Credit Review to make it sharper, cleaner and even more effective.
- The benchmarking data now references live data rather than static point-in-time references.
- We've better linked people, parties and issues to ensure that individual issues are better aggregated and reported. An individual's issues will show against their record, be aggregated in the practice level and again on the state/region. Data is relational and shown in a way that best facilitates informed decision making.
- squashed some annoying bugs that created problems for outlier uses.
The evolution of this platform is driven by your use and your views.
It's easy to get changes made so if you have an idea or a suggestion that will improve the system, or make your job easier, let us know.
It costs nothing to ask for enhancements and we love challenges, so please share your ideas with us.