April Update: Coaching, comparison and clarity

Monitoring is not easy by any means: there is a serious gap in terms of what regulators and the public expect from gatekeepers in terms of fraud prevention and what they can actually do at a reasonable cost.
— Professor Donald C Langevoort, 2010
 

OpenAFSL was built to free licensees from the burden of compliance - and we’ve been remarkably successful. It’s hard to win awards from judges that don’t use or view the applications they’re judging, but we’re less focused on insider PR than actual client feedback.

Thankfully, our clients get it.

Refinements

A renewed focus on design thinking - utility, possibility and demand - has led to range of user-experience refinements that deliver incremental improvements married to evolutionary leaps. From a client perspective, the platform simply becomes easier, better and more complete.

For example:

  • Within the adviser listing, we’ve refined how the adviser’s latest review is presented in context.

  • We’ve expanded (and continue to expand) into new advice areas with their own specific obligations and risks - ‘aged care advice’ and MDA are now within the scope of the Advice Assurance review.

  • The credit review methodology provides more guidance to assist credit representatives understand their obligations and ASIC’s expectations.

  • The Risk and Governance Review provides an enhanced overview of either the Licensee or Practice with aggregated risks, an assessment of organisational capacity and, where relevant, an assessment that considers the compliance and quality of the advice produced.

  • Most licensees accept that it’s simply not adequate to review their advisers once per year. The best licensees understand that the frequency (and style) of the review needs to be adapted to the conduct and compliance of the adviser. OpenAFSL makes this simple. You can “Group” advisers for multiple reviews per year, schedule and assign them automatically and avoid duplicated reporting.

  • We’ve expanded our industry-leading focus on conduct - previously addressed as ‘Behaviours’ - within a broader category of ‘Culture’. We’ve maintained our methodical and granular approach and equipped our users with an objective way to assess gatekeeper performance. If you don’t understand why we’ve taken this step, you may simply have missed Commissioner Hayne’s recommendation that “all financial services entitles should as often as reasonably possible take proper steps to assess the entity’s culture and its governance to identify any problems with that culture and its governance.’


Our review framework

(c) Assured Support 2019

(c) Assured Support 2019


Reviews

Monitoring is not easy by any means: there is a serious gap in terms of what regulators and the public expect from gatekeepers in terms of fraud prevention and what they can actually do at a reasonable cost.
— Prof Donald C Langevoort, "Chasing the Greased Pig Down Wall Street"

As your compliance partner, it’s our job to help you bridge the ever-widening gap between what ASIC expect and what you can actually do. We consider that the Advice Assurance Review is one of the most critical parts of your compliance framework. Unsurprisingly, we concentrate on ensuring that our Advice Assurance Review Report can captures all the information you need.

We could see that without the capacity to identify nuances, results tend to revert to the mean – expected in businesses with centralised processes.

There were some subsequent tweaks that we addressed in a variety of places including Tips for better results, anticipatory changes and refinements and enhancements and Living on a prayer.

In 2018, we gave reviewers the capacity to identify good practices/habits and to provide coaching tips for advisers who could benefit from slight changes to their processes or approach.

Suddenly, subtle differentiations emerged.

In 2019, we added suggestions for the advisers on how they could improve their results.

As a result, even those advisers that “don’t want to read a Kaplan article”, get the insights they need to improve their processes.

By providing aggregated risk-weighted and contextualised results, advisers can benchmark their performance against

  • their previous rating (if applicable);

  • the Licensee median; and

  • the industry median based on all anonymized data.


Planning

By failing to prepare, you are preparing to fail.”
— Benjamin (Buddy) Franklin

In a previous update We celebrated the changes we’d made to the planning tool incorporated within OpenAFSL. We were quite chuffed at the time, so imagine how thrilled we are to be announcing further improvement and features.

  • A review can be scheduled based on the selected purpose

  • The dashboard has been update to display the number of advisers to be reviewed.

  • An allocated review can now be removed from allocation.

  • The Calendar view has been improved to highlight the scheduled review.

  • The Yearly distribution report has been updated to provide greater visibility and better reporting.

  • The invitation sent to the adviser confirming the scheduled review, now contains more information that the adviser and reviewer share.


Solution (1).png


 

If you want to hear more about these exciting developments, or see how openAFSL can free you from the burden of compliance, please fill out the contact form or email Kye directly. (kye@assuredsupport.com.au)

 
Name *
Name