Advice Assurance (conduct and advice risk)

The Advice Assurance Module is a key component of OpenAFSL's integrated compliance and risk management platform. Developed over ten years and tested in a variety of Licensees from boutiques to Institutional advice groups, it provides an industry leading approach that both identifies risks and engages advisers.

By embedding a commitments to transparency, consistency and fairness in the system, we've developed an efficient process that drives continuous improvement and delivers a competitive advantage to its users. Almost immediately, openAFSL will provide you with an approach to monitoring and supervision that is more objective, efficient and consistent than your alternatives.  

Objectivity

The Advice Assurance Module within OpenAFSL contains hundreds of observations tailored to the type of advice and risk weighted according to the impact of the issue on the client and their interests, or on the Licensee or the Adviser.

Statutory and regulatory failures are weighted more heavily than procedural and operational failures and best practice initiatives are recognised.

The module provides a transparent, objective, consistent methodology for determining “advice quality” and provides consistent grading, assessment and consequence management measures. 

Efficiency

The Adviser's authorisation and activities determines which observations are relevant to the Advice Assurance review.

Only those issues applicable to that representative form part of the review, so neither the Reviewer nor the Adviser need to address irrelevant issues.

The Review report generates in seconds and accurately reflects the observations and notes made by the reviewer. The white-labelled reports are clear, specific and effective.

Consistency

OpenAFSL embeds risk based methodologies and early warning analytics into your operations and automates a variety of 1st, 2nd and 3rd line checks.

Better yet, because OpenAFSL effectively identifies, classifies and manages risks it complements your existing incident management processes and assists you to deliver specific and measurable training and remediation.

Add visually compelling reports, trend and root cause analysis and granular and relational reporting and you have a highly effective platform for the management of your compliance data.