An Australian bank is looking for methods to improve the efficiency and effectiveness of current advice audit processes. In particular:
- Validate fees present on annual Fee Disclosure Statements (FDS),
- Validate Wholesale Declarations provided to clients, and
- Where an Ongoing Service Fee has been charged, validate that the service was provided during the stipulated period.
- OCR and index data and documents within XPlan making all attachments and notes searchable.
- Identify and classify Fee Disclosure Statements and Wholesale Client Declaration forms
- Identify the fee listed in the FDS to be cross referenced with source data.
- Detect content in ‘signature’ box.
- Detect and assess date on signed document.
- Implement analytics (NLP) to identify SoAs, RoAs and the date of issue.
- Efficiently move from sampling to 100% coverage.
- Executive confidence that compliance processes have been followed.
- Easily verify delivery of ongoing advice to substantiate fees.