What a Year. A summary of achievements and refinements.

It’s been a long, a long time coming
But I know a change gonna come, oh yes it will
— Sam Cooke, A Change is Gonna Come

The financial services industry is highly regulated, frequently changing and closely scrutinised.

You understand that reality, so you probably understand that reg-tech businesses have to be committed to continuous improvement, focused on the future and resourced to deliver the support and services their clients often don’t even realise they need.

We are committed, focused and resourced.

We’re also effective.

In case you think that’s just marketing, here’s what we’ve delivered since Commissioner Hayne went on holidays.

 

Dive In

  1. We added a Legend for Risk and Governance and Standard Advice Assurance Reports. It may seem a small change, but people appreciate knowing what colours and ratings mean.

  2. We have highlighted the Priority for issues needing remediation. You’ll find priority shown next to significance in the Observation section of the report.

  3. We broadened the results range. By broadening the range we’ve allowed for more differentiation in the scoring. Particularly in the zero to one score.

  4. We tweaked the ‘key contacts’ feature. By flagging Contact Recipients more effectively we ensure the recipient selection feature works consistently.

  5. We have compartmentalised the Home Screen. This means that you now have the ability to hide and show modules based on your preferences and internal settings.

  6. We improved the Adviser Dashboard. You asked for a simple visual clue to identify the date and status of reviews so now the date and status is displayed next to the review on the people / business listing.

  7. We refined the pre-vetting capability to identify and track specialities and general requirements separately. The adviser dashboard distinguishes between specialities and the general pre-vet type.

  8. We’ve worked hard to integrate Google Maps to facilitate better review scheduling. Now there’s no chance of you scheduling a review in Ballarat to occur 30 minutes after the review in Bendigo is completed.

  9. We have created the document timeline in the Review process. The review area now allows multiple dates and documents to be recorded (and automatically flags concerns if the dates contradict or clash).

  10. We have allowed Admin Users more rights. They can now unlock reviews for all users.


Deeper Dives

Even though these amendments and refinements would have been enough for most clients, we also responded to your requests by deploying the following changes:

  • Within a Licensee Review (Risk and Governance) Management actions can be added.

  • Licensee Review chart types have been updated to include observations by category.

  • New Algorithm deployed which uses the distance from the threshold to apply greater granularity to the score out of 10 for a review.

We appreciate that there’s often apprehension when ‘algorithm changes’ are mentioned but you’re unlikely to see any material difference to outcomes. It will, however, provide you with better differentiated and more granular results which will help if you need to compare and contrast your advisers.

  • Thumbs up (Better Practices) and Thumbs down (Coaching Tips) have been added to the Standard Review to allow Reviewers to identify and escalate practices that fall short of industry best practices or compliance failures. It’s part and parcel of more granular and differentiated reporting.

  • Pre-vet reports have been redesigned to be able to show full pre-vet history and track resubmissions.

  • You can now link an existing client to a file. All information regarding financials, document timeline, product are linked directly to the client.

  • Manual date ranges can be specified when creating a Licensee Review.

  • Multiple references to current and proposed financial data can be stored against a client.

  • Splitting Client, File and Document objects allows multiple documents to be associated with one file.

  • When searching the question set you can now search by the question number.

  • Refined the planning module to allow for new Review Purpose field and other features.