“Curiosity about life, in all its aspects, I think, is still the secret of great compliance people”
— Leo Burnett, Compliance Guru
The team at Assured Support often describe OpenAFSL as Australia’s leading licensee compliance management solution.
You’ll understand their perspective once you test the platform and I’d encourage you to reach out to see how, and how painlessly, it can lift your compliance burden.
It’s an awesome, unheralded application that should be at the heart of your business.
The latest updates to OpenAFSL are focused on enhancing the user experience and making OpenAFSL more efficient and effective. So, let’s take a closer look at what’s new in OpenAFSL.
Advice Assurance Report
The Advice Assurance Report has been significantly updated to promote readability and highlight essential take-outs (while still catering to those interested in being better). It’s a profound redesign that changes:
- the design and layout of the report.
- The granularity of the “Why this matters” text. This text provides advisers with clear explanations and valuable context for the compliance issues identified. Now, the report offers a clear, concise and effective summary with the reviewer’s specific observations. For some advisers, that’s enough to help them understand the issue, its consequences and implications, but;
- Licensees/Advisers who want more detailed information, additional explanations will now be available behind the “SEE MORE” link. These explanations are hidden from view unless, or until you click on the link to access the text, video or training material that provides more context and a more mature, nuanced examination of the issue. This change provides a more streamlined experience for those that don’t need the detail, but valuable additional information for those who want the detail.
Online Forms (Complaints, Issues & Breach Online Forms)
The ability to add attachments to online forms (Complaints, Issues, Breach) is another important update.
This update allows Licensees to roll out an integrated workflow that allows the relevant staff to see relevant documents and information. OpenAFSL is making it easier for Licensees to collaborate and assess the information at hand, these core functions become more efficient, more transparent and more effective (reducing, (we hope) the licensee’s legal and regulatory risks).
The Marketing Register is now available to help Licensees manage their marketing updates and track their progress and approvals.
This auditable and searchable feature makes it easier for Licensees to manage the review and approval of promotional materials – from presentations and newsletters to Financial Services Guides and advertising.
The inclusion in the APL Module with Non Product/Platform Approvals and Asset Allocation Variation Approvals is an essential update that will help Licensees to manage and track their products more effectively.
We don’t need to over-sell this because you’ve already grasped how this feature will significantly improve your governance, simplify your administration and make complying with the laws (and TMD requirements) far easier.
To conclude ..
OpenAFSL continuously improves to meet, or often exceed, the needs of its users.
These latest updates offer several useful features that will make it easier for users to collaborate, manage risk, and stay up-to-date with the latest information. OpenAFSL is an essential tool for well-run businesses, and you can expect more updates as we work hard to free you from the burden of compliance.
Book in a test drive
These new features in OpenAFSL demonstrate our commitment to providing the best possible compliance management solutions to our clients.
Make no mistake, the entire team are dedicated to ensuring that our system is up-to-date, efficient and easy to use, these updates will enhance the user experience, streamline compliance processes and improve functionality.
As always, we welcome feedback from our clients and look forward to continuing to innovate and improve our system.
If you want to know more, reach out to me directly or book a test drive.