For anyone operating in the complex, highly scrutinised and frequently changing financial services industry, the ASIC Conference provides an incredible opportunity to hear from ASIC and understand their priorities and interests. At the 2017 Conference, it was hard to miss ASIC's warm embrace of regulatory technology or their repeated references to its value.

ASIC Chairman Greg Medcraft opined that "monitoring and regulating is becoming increasingly data driven" before suggesting that reg-tech helps licensees "manage compliance risks before ASIC arrive."

We know that regulatory changes and technological developments are fundamentally changing our industry. Better yet, as a community of users, we're refining a proven compliance solution that:

  • reduces costs and improves efficiencies;
  • empowers and educates staff;
  • provides relevant benchmarks and standards; and
  • empowers users to improve their businesses.

The Regulators’ expectations, and the international trends, are clear. Regulators understand that technology can both help the businesses they regulate to improve their services while increasing the Regulator’s capability to effectively supervise participants.

Data is meaningless unless it is organized in a way that enables people to understand it, analyse it and ultimately make decisions to act upon it.
— Deloitte 2016 “RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage risks”

Anticipating the Regulator.

OpenAFSL was built to free licensees from the burden of compliance and it delivers; it provides you with a scalable and agile solution that delivers increased efficiency, increases profitability and releases capital and resources otherwise committed to less productive uses.

OpenAFSL is a scalable, shared utility that measures compliance, facilitates benchmarking and provides real-time reliance. These capabilities are still market leading, but the latest round of refinements keep you a few steps ahead of the Regulator by adding expanded education functions and tools to shape firm culture.


You may have heard that "art is never finished, only abandoned" and it's the same with reg-tech. 


The team at openAFSL love the challenge of making the complex simple, the simple interesting and the interesting worthwhile.

While we reconcile the future with present needs, our Development team wrangle the code into submission to deliver creative solutions for known issues. 

We promise "data + insight" and even our reporting tools have been enhanced to improve their utility.

From 1 April 2017, You can you expect to see:

  • A scheduling and planning tool to make organising and confirming reviews even easier;
  • An even simpler way to manage businesses and people;
  • An integrated Risk Register and Approved Product List;
  • Credit reviews have been added to the standard system setup;
  • A new function to allow reviewers to make notes on the fly to supplement the review;
  • A streamlined issues management system. Observations from the review no longer require validation before they're generated;
  • Simple buttons to record coaching conversations and access "help" (and submit a ticket);
  • Benchmarked review results. Advisers are benchmarked against their last review, their Licensee's median and the openAFSL Community median; 
  • Scores of minor tweaks and amendments made to make your experience frictionless;
  • You can now amend Issue text and add or modify actions from the results page confident the changes will be properly assigned and recorded;
  • The review methodology has gone "full commando". By becoming a full exception-based reporting system, reviews involve less friction and less bureaucracy;
  • You have tools to enable you to manage your own site, manage users and customise the look and feel of openAFSL;
  • Dashboards and layouts have been standardised;
  • We've added shortcuts to your compliance manual, key processes and your Licensee dashboard;
  • We've improved the analytics and underlying algorithms; 
  • You've got the tools to add or remove data-driven observations from the Review report;
  • Practice reports (aggregated review reports with a assessment of your organisational capacity) can be easily generated from the system;
  • All charts and reports are interrogable. Filter them, save them, print or export them.
  • Outstanding actions are automatically added to an Adviser's Advice Assurance report;
  • Key contacts (even those with multiple roles) can be managed within the system;
  • The Risk and Governance Report not only shows the number and type of the issues identified, it groups them by classification and impact; and
  • We've removed the limit on the maximum number of issues that can be identified in each review.

If you're aware of the Corporations Amendment (Professional Standards for Financial Advisers) Act you'll know of the increased burden it places on licensees to retain and manage even more information.

Relax. We've got you covered.

The critical elements have already been coded for inclusion into openAFSL.


If you have a question or would like to organise a demonstration, our Business Development Manager, Peter Turbach can help you.

Please call Peter on +61 410 220 334 or email him at peter@openafsl.com. 

 

(c) 2017 openAFSL Pty Ltd

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