“Your old road is rapidly agin’
Please get out of the new one
If you can’t lend your hand
For the times they are a-changin’”
— Bob Dylan, “The times they are a-changin
The Compliance CRM
Unless you’re a compliance professional, you’ve probably never thought about a “Compliance CRM”.
Unless, you’ve seen more than the most-hyped solutions, you’ve probably dismissed reg-tech as a scam run by mid-tier law firms to supplement partners’ billing.
Unless you’ve seen OpenAFSL, you’ve probably never realised how technology – properly configured and properly deployed – can free you to do what matters.
OpenAFSL is different from other reg-tech solutions for one simple reason – it delivers on the promise.
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.
- Update to Complaints, Issues and Coaching modules to allow advanced filtering.
- Update to Complaints module to include ASIC Data dictionary specifications, DDO specification and ability to email directly from the complaint.
- Issue module can be used to populate the breach register and link the Issue and Breach together.
- Allowing attachments (policies, processes and procedures) to be marked as either private or public documents.
- FASEA questions when completing a file are now optional. The FASEA statement can be linked to the questions which will flag the statement through to the attestation table.
- External Engagement module added to manage and track third-party service providers.
- Advanced monitoring enabled for obligations area to allow for multiple actions to be linked to a single obligation.
- Civil Penalty Provisions and Core Obligations are specifically identified defined in the Advice Assurance process and automatically reflected in the Incident Register.
- An Investigations module has been created and is available to supplement the monitoring and supervision framework.
- Complaints & Breaches/Incidents iFrames have been developed to allow customers and advisers to feed complaints and breaches directly into the OpenAFSL module from their website.
- Complaint email notification are automatically generated 15 or 25 days after the received date. A notification is automatically sent once a complaint is registered in OpenAFSL.
- Users can fully customise their settings to optimise the system for their specific needs.