August Update: Ready to Spring
One of the things that the Royal Commission has highlighted is that not everyone approaches compliance in the same way.
We've always approached things differently, and we're unlikely to change.
Where some commentators warn of 'gloom and doom', we see the opportunities and we work hard to support those advisers and licensees seeking to build a trusted advice profession.
These people are three to four steps ahead of their competitors, but we match their pace.
To ensure our clients have the tools, insight and technology to anticipate change, our Development and Research Teams have kept to our program of continuous improvement.
They're generating new solutions, identifying new opportunities and testing new ways of thinking.
We're getting recognition for our approach, but we'd rather talk about what we're delivering this month to make your business even better.
If you're focused on the future, and want to build a sustainable advice business, you'll want to find out more about openAFSL. You already understand that regulatory technology is critical to you achieving that goal and OpenAFSL is the flexible and intuitive platform you need.
To arrange a demonstration, please fill out the contact form below or email me directly. (email@example.com)
General refinements and reviews
We've learnt a thing or two from Masterchef.
We may not be better cooks as a result, but we understand that the entree is designed to whet your appetite for the main course.
So while we'll highlight some impressive changes, just wait until the next release.
Until then, please sate yourself on some of the refinements that went live in July-August.
You already know that OpenAFSL's industry-wide benchmarking provides you with the clarity, context and comparative analysis that most people never see.
We don't believe in standing still, so we've focused more attention on data visualisation to make the report even clearer. Context is critical.
The pops of colour we added in the last OpenAFSL release have been supplemented with keys to enable external parties to understand and contextualise your results. The risk indicators have retained their primary colours and a rich purple has been introduced. We appreciate that purple is not a primary colour (or one traditionally associated with risk) but it works great as a contrast.
('Purple' indicates that you're generally complying with the law and your professional obligations. We'd prefer you to exceed the law and your legal obligations and we'll help you understand how.)
Remember, OpenAFSL uses a granular risk and conduct-based review methodology (rather than a binary Pass/Fail or the arbitrary ABC classification) and this approach is applied both at the file level and the aggregated risk assessment.
Essentially, we assess each file against the law, professional standards, industry codes and internal guidelines to provide a qualitative (and increasingly qualitative) assessment of the advice and the adviser's conduct.
Algorithms and proprietary methodology aside, each file will be assessed and identified, by colour, in the report.
The identified issues, and the aggregated results, allows OpenAFSL to assess the support the adviser requires. Given the Licensee's obligation to monitor, supervise and train their representatives, it's important for Licensees to understand where their attention should be focused and their resources deployed.
You’ll also notice that we’ve included additional indicators to highlight the 'consequence' of the issues identified. Each observation is clearly marked to assist the Licensee to prioritise their responses and tailor their remediation plans.
Tweaks, refinements and wonders
We’ve made a host of improvements in the back end. We've also got some great news about integrated product training, recruitment and PIP administration to highlight in the next release but here are seven other refinements you'll benefit from now.
- We've added ‘Centrelink’, ‘Reversionary Pension’ and ‘Asset Allocation’ as a advice scope types.
- You can now view the ‘Operational Risk Indicators’ at any point during your review.
- We've updated the Risk and Governance review, removed the positive observations and integrated management actions.
- The action tables have been adjusted in the Review Report.
- We've made a number of administration updates. The standard text editor has been updated so you can now format inserted table. The auto-save function has been enhanced to remove the chance of unintended duplications. Reviewer can attach documents/images to any observation in the review.
- OpenAFSL will automatically adjust templates as you transition from 'Draft' to 'Final' reports.
- The Attestation Engine is more sophisticated and will respond to more observations and consider them in context.
Training and support
We love to share our insights and information. If you need training, it’s probably best to contact Kye Park (firstname.lastname@example.org).
If you want to learn more about this reg-tech solution, or would like to arrange a demonstration, contact Peter Turbach on 0410 220 334 or by email at email@example.com.
Alternatively, fill out the contact form below and we'll contact you.