Smarter Compliance – A risk based continuous monitoring solution driving consistent and compliant advice using improved Reach and Intelligence.
CURRENT CHALLENGES FACING THE RETAIL WEALTH MANAGEMENT INDUSTRY IN AUSTRALIA:
Compliance Reach affected by distributed operations
Limited visibility due to volume, complexity and types of data
Difficulty prioritising and targeting audit activities
Reactive response using lag indicators (e.g. complaints, press incidents)
Lack of consistency due to random and subjective nature of audits
ASIC’s DRIVE FOR PREVENTATIVE ACTION:
GOAL: Driving industry accountability and effectiveness beyond ticking the boxes
DIRECTIVE: Full and complete transparency & electronic, risk-based surveillance
CONCERN: There are big blind spots that result in systemic issues and breaches
WHY SMARTER COMPLIANCE?
Smarter Compliance was designed as an analytics-based, continuous risk monitoring and supervision solution for the financial planning industry. It was initially created in response to ASIC’s concerns related to systemic issues within the financial planning industry, however given its reach and intelligence capabilities its role has broadened to also serve productivity and business intelligence roles.
In response to significant and heavily publicised industry challenges, Smarter Compliance was created to support financial planning licensees in implementing an overhauled risk and compliance framework to improve industry transparency and advice quality.
At a solution level Smarter Compliance serves as a catalyst to support cultural change and transformation.
At a technology level Smarter Compliance integrates Frisk Retrieval’s ability to efficiently “Reach” distributed information, with IBM analytics that provides “intelligence” to detect target patterns and predict behaviours. The Smarter Compliance value proposition is its ability to combine “reach” and “intelligence” in real time.