June Update: Onward, ever upward

The top improvements organizations want for their third party risk management programs are consistency in monitoring third parties (52%) and in applying a risk-based
approach (44%).
— The Carrie Penman and Mary Bennett, Definitive Corporate Compliance Benchmark Report 2019,
 

OpenAFSL was built to free licensees from the burden of compliance - and we’ve been remarkably successful. That would encourage some people to slow down, but we’re more motivated to keep our platform and our clients ahead of their competitors.

Refinements

A renewed focus on operational refinements and a continuing obsession with design thinking generated refinements that have delivered some significant changes. From a client perspective, the platform simply becomes easier, better and more complete.

For example:

  • Our Due Diligence review provides the prospective purchaser with an enhanced overview of either the Licensee or Practice with aggregated risks, an assessment of organisational capacity and, where relevant, a qualitative assessment of the advice produced.

  • Within the adviser listing, we’ve refined how the adviser’s compliance history is framed. The adviser snapshot shows the previous five reviews will in order, near the adviser’s profile image. Better yet, non-standard reviews are included but clearly differentiated.

  • Our Licensee Health Check provides a detailed, consistent and benchmarked analysis of the business’ compliance with the financial services laws and the conditions on their Licence. The structured report incorporates management feedback and SMART priorities for remediation or improvement.

  • Our assessments include a formal consideration of ‘Culture’. and provide users with a consistent approach ‘to assess the entity’s culture and its governance to identify any problems with that culture and its governance.’

  • We’ve tightened the audit record while expanding the scope of users with administrative access. If you need to reopen a locked review, a mandatory prompt will be displayed that will ask the reason for unlocking the review. The revised date along with the comment, will be presented on the review listing screen.

  • The Risk and Governance default report template has been updated to create a cleaner and more cohesive output, to cater for the additional information available from Organisation Capacity responses.

  • The Advice Quality report has been updated to display the total number of files found within any given period and the Advice Quality report charts have been modified to better display key insights.

  • You can now generate State-based reporting to compare and contrast different states according to Advice Quality and Risk.

  • A Survey reporting module has been added. The original Survey tool has been refined, allowing you to issue a survey to an adviser, user or groups of advisers. You can now track issued surveys and when responses have been completed. The report also provides detail on each of the responses in one screen.

  • We’ve doubled down on granular reporting. An Observation reporting table has been added, which shows the full list of observations made within a period, including the point score and the question number. This table can be exported to excel.

  • The Coaching dashboard has been re-designed to appear in a discussion like format organised by date.

  • The Issue listing has been modified to include more details relevant to the issue itself, reference field has been hidden from table.


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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)

 
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