Financial Services Audit & Breach Notification Project

ProblemSolutionBenefits
An Australian Financial Services Licensee had to review 70,000 documents held in a financial planning business they had taken control of in order to identify and document compliance breaches.Following a lengthy manual process Frisk was brought in to help locate target documents. Despite several months of prior manual review work, within hours Frisk was able to identify a number of as yet unnoticed compliance breaches and understand their prevalence across the entire dataset
  • Reduced time to locate and document compliance breaches.
  • Able to identify breaches that a manual review process had missed.

Problem

An Australian based Financial Services licensee had concerns about the advice being provided by one of their advisers. They needed to review over 70,000 documents relating to the advice firm in order to prepare a report regarding the areas of concern for one of Australia’s key financial services regulators, the Australian Securities and Investments Commission (ASIC). The licensee had already been manually reviewing documents over a period of months prior to Frisks engagement in order to prepare the report for ASIC. It was the view of the licensee that all issues had been identified, it was now simply a matter of locating relevant documentation to substantiate the report. Completeness of the audit was critical as it was essential there was no omission of key issues from the report to ASIC.

Solution

Frisk was deployed to help locate key documents required for the report. The analysis done manually over a period several months was completed within hours using Frisk. In addition to confirming know issues Frisk was able to identify otherwise unknown issues including:

  • Invoices that incorrectly directed payment to the adviser rather than the licensee
  • Instances of recommendation of non-approved products investment such as works of art

Utilising Frisk, the compliance team was able to complete the compliance review process within a few hours including the identification of additional areas of potential breach and collate all required supporting documentation for presentation to the regulator.

StageProcessFrisk Capability
Configure & Index
  1. Configure appliances to maximise streaming options
  2. OCR and Index to enable search across document content and metadata
  • OCR and index on the fly
  • Streaming – take advantage of available computer resources
Content Analysis
  1. Develop Key Risk Indicators (KRIs) to flag issues of concern requiring audit review
  2. Develop search criteria necessary to identify issues relating to KRIs
  3. Run reports and review output
  • Smart Search
  • Export to Report
Cross Reference Data Sources
  1. Identify additional sources of data requiring review
  2. Rapidly connect other data sources as they become available
  • Bulk Query tool
  • Report outcomes for further analysis
Document Tagging
  1. Run searches to identify issues relating to the KRIs
  2. Review relevant documents and identify relevance
  • Intuitive UI
  • Smart Search
  • Export to Report
Refinement Analysis
  1. Enable filtering to include/exclude documents from query results
  2. Utilising the intuitive UI, adjust search criteria as necessary to refine results
  3. As required, set up regular reporting frequency
  • Configurable UI to streamline analysis process
  • Smart Search
Reporting
  1. Produce a report that lists all query results (documents) in each relevant classification or grouping
  2. Enable rapid call-up and review of relevant documents

  • Export to Report

Contact Us

financial-services-audit-breach-notification-project

180 Flinders St ADELAIDE SA 5000
PO Box 879, UNLEY BC SA 5061

Phone: 1300 43 33 11
Email: mail@frisk.com.au

180 Flinders St ADELAIDE SA 5000
PO Box 879, UNLEY BC SA 5061

p: 1300 43 33 11
e: mail@frisk.com.au

Enquiry

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