When Da Vinci asserted that “Art is never completed, only abandoned” he wasn’t talking about compliance systems; but he could have been.
OpenAFSL was created to free licensees from the burdens of compliance and it has been remarkably successful in delivering on this promise; but our commitment to continuous improvement, and satisfying our clients’ needs, means that the system is never finished and never stops evolving.
We’re excited about some imminent and profound changes to the system and its core functionality. We want you to be equally excited, so we’ll share some of the changes you will enjoy from October 2015.
1. More review types
In addition to the existing industry benchmarked conduct and risk based reviews of Authorised Representatives, we’ve added the Practice Review that focuses less on the individual advisers and more on the CAR’s systems and processes and the advice these produce.
Our Principal’s Report allows you to aggregate multiple reviews into a single report to better identify the Practice’s real challenges and opportunities.
2. The Advice Assurance Review
The Advice Assurance methodology and process (and the comparability it provides) is a key part of the system. While the principles are unchanged, the process has been significantly refined by adding a new user interface and breaking the scope of the review into eight distinct and intuitive areas of focus from Engagement to Behaviours.
3. Coaching and Administration
OpenAFSL has always provided a centralized and consolidated store of adviser information but the integration of the Coaching and Administration modules means that all interactions, approvals and exceptions are recorded, managed and auditable. When Recruiting, Exiting and Practice Management modules become live in 2016 the system will deliver an end-to-end solution that addresses all of your compliance, risk and governance needs.
Take advantage of the increased capability to monitor performance in a visual and more comprehensible manner. Track results relative to the median, relative to the practice or relative to other licensees in your group.
OpenAFSL was built by compliance experts for people that aren’t (and often don’t want to be).
Industry comparability is not the only advantage of using a system with over 10 years of tested and proven metrics and a community actively engaged in the process of continuous improvement. From October, you’ll also benefit from the increased levels of compliance and system support integrated into the system.
6. Operational refinements
There are a host of other minor enhancements from tweaks to the pre-vetting process, editable remediation actions and more responsive solutions that provide you with better results and insights (in less time).
Rest assured that as the law and technology changes, OpenAFSL continues to evolve to become even more useful, even more intuitable and much more efficient.