“The critical factors in evaluating any [compliance] program are whether the program is adequately designed for maximum effectiveness in preventing and detecting wrongdoing ”
— US Department of Justice, Criminal Division “Evaluation of Corporate Compliance Programs”, April 2019
We appreciate that not everyone sees the future of advice in the same way that we do.
We see a complex regulatory environment, an increasingly active regulatory focus on misconduct and shrinking margins exacerbated by increasing costs.
For some advisers and licensees, this is their present reality and not some possible future.
We believe that well-designed regulatory technology – like OpenAFSL – provides an efficient, and cost effective solution for advisers and licensees
“I need you more than I ever have
Because the future’s here, and we can’t go back”
— Sleater-Kinney “The future is here”
OpenAFSL’s risk and conduct review capability (and its dashboards, reporting and integrated remediation management) is well understood – and these are compelling features for many clients.
What is probably less appreciated (but far more valuable) is the integrated Risk and Obligations Register.
Built on a customisable master list of risks, obligations and internal requirements, the Register allocates tasks and automatically requests attestations/certifications from your nominated users.
It builds accountability and trust.
In fact, OpenAFSL reinforces your culture (and protects your licence) by appropriately assigning, and enforcing, responsibilities and by escalating misconduct and non-compliance.
It tracks responses, highlights and escalates exceptions and provides you with a level of assurance that your compliance framework is operating as you expect. Better yet, it provides you with a fully auditable record of the effectiveness of your controls and assurance measures.
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.
Investing in sustainability
The reality is that non-compliance with statutory obligations is a key business risk for most Licensees. It’s often poorly and manually managed. Worse still, there’s often little consistency in Licensees’ approach to the management of their general obligations and relevant risks.
OpenAFSL is an efficient, effective and intuitive compliance platform addresses this common failing.
It’s more than a flexible and robust compliance platform. OpenAFSL is a reg-tech solution that also works as the Licensee’s administration centre, data-hub and reporting centre. It includes:
- a detailed and customisable ‘compliance framework’ with suggested controls and embedded accountabilities;
- Simple and effective monitoring of risks, obligations and controls;
- Exception reporting;
- secure and distinct access rights for all identified users;
- on-line access to critical compliance resources;
- obligations linked to the relevant legislation, regulations or codes;
- a suite of appealing and intuitive reporting templates.