Reducing compliance risk: ASIC reporting
Challenge
How to reduce manual work required to comply with Australian Securities & Investment Commission requirements, while increasing effectiveness.
Outcome
Report generation time to meet compliance requirements reduced from months to hours, with insights generated utilised to detect fraudulent activities that had previously been missed through manual reviews.
Background
Meeting compliance requirements, such as those maintained by the Australian Securities and Investments Commission (ASIC) is serious business. If not done correctly, the damage to the business and those in charge can be significant.
The business challenges
An Australian-based Financial Services licensee was concerned about the advice that had been provided by an in-house adviser.
To prepare a required report for ASIC, the firm needed to thoroughly review over 70,000 related documents.
After months of manual labour to identify the issues related to the advisor, the licensee then needed to locate all relevant documents to create a comprehensive and complete report for ASIC submission.
The Frisk solution
Data silos, connected
Frisk Insight Engine was deployed to rapidly index and connect data silos across the organisation, allowing quick and easy access to all available documents that could aid the report generation for ASIC.
Complete analyses in hours, not months
Instead of taking several months to achieve, Frisk Insight Engine enabled the compliance team to complete their analysis and compile reporting within a matter of hours.
Fraudulent activity, uncovered
Beyond locating the required documents, the compliance team were also able to use Frisk Insight Engine to identify fraudulent activities that were missed during the manual review – serious breaches such as invoice payments being directed to the individual in question, and non-approved investment in artwork purchase.
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