|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|
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.
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.
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