Posts tagged Regtech
Always on my mind: Licensees' approach to breach reporting

The Banking Royal Commission quickly and easily exposed profound and systemic non-compliance with the breach reporting obligations. Breach reporting may be "an important part of the regulatory framework" but the Commission’s hearings (and the Interim Report) show that, “on more than one occasion”, Licensees materially failed to comply with this obligation. Worryingly, they appeared to have suffered no consequences as a result of their failures. ASIC’s Report 594 on compliance with the breach reporting obligations highlights the extent of, and reasons for these failures. This article looks at three key take-outs for Licensees seeking to avoid regulatory censure.

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August Addendum: Algorithms, admissions and enhancements

Smarter compliance. We’ve been thinking about you. Well, mostly about coding, ASIC and behavioural change, but also about you. We thought you might like to learn 20 ways to improve your compliance result, understand what changes have been made and get advance notice on the changes that are imminent. If you have questions try kye@assuredsupport.com.au or help@assuredsupport.com.au.

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Compliance Reviews: Livin' on a prayer

Smarter compliance. For over ten years, in various iterations, we've worked hard to develop a credible and fact-based alternative to institutional box-ticking. Abandoning the bureaucracy and arbitrary classifications so loved by institutional licensees, we pioneered reg-tech and built a consistent and predictable risk and conduct-based methodology that embeds transparency, comparability and granularity. We appreciate that the "sweet science" of compliance is not for everyone, but everyone can benefit from a little more knowledge. Addressing three "key myths" might not change your life, but it might provide the context and reassurance you need. 

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August Update: Ready to Spring

If you're focused on the future, and want to build a sustainable advice business, you'll want to find out more about openAFSL. You know that “minimal or technical compliance with the law” is not a worthwhile pursuit and, as a competent Licensee, you understand that regulatory technology is critical to you achieving that goal. OpenAFSL is the flexible and intuitive platform you need. Here’s why.

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Review and remediation: "make it right"

Monitoring and Supervision, Consequence Management and Remediation are three elements of a compliance framework that best highlight, or expose, a Licensee’s capability and competence. Not only do they reveal fundamental aspects of a Licensee’s organisational competence but, more importantly, they expose its values, principles and standards.

This article examines explores ASIC’s views and provides tips for better results.

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Curated Content: ASIC, reg-tech and advisers' needs

With focus on netwealth’s “AdviceTech Research Report” and the Banking Royal Commission, we try to explain the growing interest in reg-tech amongst forward-looking licensees. After watching larger financial institutions demonstrate the value of compliance by highlighting the cost of its absence, smaller licensees may be seeing this as an investment in their sustainability and a hedge against ASIC’s views of ‘poor risk cultures’.

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Planning for 2018: Your Top Three 'Compliance' Priorities

If you’re a Licensee, Compliance Manager or Responsible Manager, you’re forgiven for feeling overwhelmed, fatigued and dispirited. The rate and extent of regulatory change, consistent and critical media coverage, increasing costs and declining revenues and the constant anticipation of regulatory intervention make a challenging job almost impossible. Even with the best of intentions, it's often difficult to prioritise activity when your capacity is consumed by reactive responses to unforeseen issues. This article addresses what we think should be your 'Top Three' priorities for 2018. 

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