“Financial supervision is increasingly driven by data, with regulators requiring data of greater granularity and at a greater frequency.”
— Institute of International Finance, March 2016, Regtech in Financial Services: Technology solutions for compliance and reporting
It is a truth, universally acknowledged, that the right regulatory technology, properly configured and properly deployed, is the key to Licensees’ sustainability.
Even if it’s not acknowledged, most Licensees accept that effective regulatory compliance requires technology tailored to ASIC’s evolving need for granular, systemic and aggregated data.
We understand this and while some might panic in anticipation of Red October, the latest iteration of OpenAFSL provides effective management of regulatory requirements in an intuitive, secure and flexible platform.
As we expand internationally, we’ve maintained our focus on equipping our clients to optimise their existing compliance obligations, anticipating change and ‘future proofing’ their businesses.
We think we’ve done a great job and, if you’re grappling with significant change, we want to highlight how a well-designed regtech solution – like OpenAFSL – can help you thrive.
OpenAFSL: We’re ready
We’ve previously argued that traditional monitoring and supervision regimes were largely ineffective in either promoting professionalism or improving the client experience. Instead, they promoted inefficiencies, homogeneity, conformity and bureaucracy.
Our innovative approach to monitoring and supervision incorporates more behavioural nudges. We’re also applying more weight to ethics and conduct as well as to construal elements (environmental and structural considerations).
Remember that the new legislative changes (complaint audits, provision of complaint data, reference requirements, misconduct and breach reporting) mean that data will be the key to your ongoing compliance.
When you use the new interface (2.56), you’ll notice it’s dynamic, flexible and even more purposeful.
OpenAFSL focuses on the client experience and creates a formal demarcation between formal and substantive compliance issues; we consider matters in context and are therefore better able to differentiate between intent, process and outcome.
To support D&D Obligations our APL Product update to include additional fields including the APIR Code and Target Market Determination. Product complaint reports can be easily extracted and filtered by Product Issuer and date.
- Our Complaints module has been further enhanced to allow users to log complaints based on the identification types in the ASIC Data dictionary. Better still, our users have the ability to both define multiple complaint outcomes based on the ASIC specification and retain the more useful taxonomy needed for advice businesses.
- Issue, Incident and Remediation analytics have been enhanced. You can report by channel, adviser, practice, severity and frequency (or any combination). Plus, you can directly and easily compare different time-periods using the same criteria.
- The complaints module has been enhanced to provide even more capability. Exceeding the requirements of RG271, you can track and separately report on the stages of the complaint, link similar complaints by theme or adviser and track and report on due dates. Better still, OpenAFSL can link to your public website to allow advisers and consumers submit breaches/complaints. In addition to their submissions being immediately acknowledged, it’s automatically populated into the correct stream and the appropriate people are immediately notified.
- The Obligations and Risk Register (compliance framework) is fully searchable and, with the addition of tags and workflow, provides increased customisation for retail and wholesale licensees.
- The Conflicts module has been expanded to identify the precise category of conflicts, their source and prioritised. Identified conflicts can be linked together and tied to advisers and/or practices.
- Mentoring and coaching has been separated to allow clearer demarcation between development and training.
- The Advice Assurance Report has been redesigned to streamline content and highlight key take-outs. You can also choose to group observations by file instead of grouping them by issue. You can even do both or vary your approach according to the recipient’s preferences and learning style.
- If advisers are demonstrating behaviours and practices that exceed legal requirements and industry standards, these will be prominently highlighted in the report as a congratulatory note to the adviser.
- The FASEA Standards have been integrated into our review methodology; these can be easily linked to a specific observation, a specific file or general conduct.
- OpenAFSL can compare Reviewers across key performance measures to ensure consistency AND run validation tests to assess their individual approaches.
If you exclude the advice review module from your system, you can obtain access to a reg-tech platform built by, and supported by, compliance experts.
For a relatively low licensing fee (based on user numbers) you’ll secure the data, systems, training and support the Regulators expect you already have.
Pricing is flexible and customised to your needs. From as little as $240 per user per month you can access a compliance platform that can free you from the burden of compliance.
Contact me if you have any questions or want to arrange a demonstration.