September Update: Connections, Conduct and Coding


Making Connections

Sometimes, we’re so distracted by code-wrangling that big changes sometimes escape our attention.

Thankfully, someone drew ASIC Report 594 to our attention.

We’re not going to duplicate the content and analysis already published on our site, but we have to admit that we were surprised that so few Licensees had the systems and data capability already operational in openAFSL.

We’ve always believed in the value of reg-tech and the need to connect disparate data sources within an intuitive compliance platform. In fact, we’re so enamoured of measurement, that embedded metrics, granular analysis and effective incident management were made core features of openAFSL before most of our competitors abandoned Access databases.

We love the renewed interest in reg-tech. If you haven’t thought about reg-tech before, start now, or you’ll be left a long way behind.

We’re excited that ASIC’s report, and Royal Commission’s Interim Report, highlight Licensees’ desperate need for compliance systems. If you’re looking for a compliance platform (and you should be) don’t forget that OpenAFSL offers:

  • A conduct-focussed monitoring and supervision framework;

  • Risk based methodologies;

  • Integrated registers;

  • Board and Regulatory reporting; 

  • Intuitive interface;

  • Robust recruitment and appointment process;

  • Operational risk assessment;

  • An effective risk management framework;  

  • Granular reporting and benchmarking;

  • Comparative reporting;

  • Flexible dashboards;

  • Integrated remediation and consequence management; 

  • APL management and product training;

  • Embedded advice metrics and trend analysis; and

  • Consistent and fully interrogable management of complaints, incidents and breaches.


The chief means of detecting both improper conduct and poor advice remains regular and random auditing of advisers’ files
— Royal Commission Interim Report p145

OpenAFSL provides an exception-based review that:

  • looks beyond the document to consider behaviour;

  • assesses operational risks beyond those revealed in the client file;

  • indicates material, recurring and systemic issues;

  • connects issues across reviews and across practices;

  • benchmarks advisers, practices and licensees; and

  • provides qualitative assessments of advice.


At the risk of reminding you of the changing environment in which we operate, you need to know about some of the most recent changes we’ve made to openAFSL. Now:

  • our email templates support enhanced branding and can now include dynamic fields within the subject line;

  • the Governance Reports now accomodate interrogable action plans and management responses;

  • the review algorithms have been tweaked to allow for greater differentiation between advisers and practices; and

  • Reviewers can now identify and note subtle variations from normative behaviour.

There’s also a host of tweaks and refinements that you’ll only discover as you take advantage of the significant advantage our platform provides you.

If you’re future-focused, you should anticipate further refinements to our proprietary algorithms and rules-logic. At this moment, we’re obsessed with learning how we can more actively exploit machine learning to provide you with an even broader range of metrics and automated assessments.

Although we can’t yet provide a launch date, we’re also excited that our integrated Product Training module will soon progress to public testing. We think that structured micro-training, and our new Recruitment module, will address many of the problems with which many Licensees struggle.