Reducing compliance risk: Audit advice
Challenge
How to achieve real-time, automated, and cost-effective audit advice & monitoring capabilities.
Outcome
Real-time, automated, and cost-effective audit advice monitoring capabilities that reduced time to respond to ASIC queries and enabled advice ‘pre-vetting’ to ensure compliance requirements were met.
Background
Financial Services organisations providing wealth advice face significant compliance and monitoring challenges.
The Government and regulators expect the highest standard of advice, disclosure documentation and record-keeping, yet for many financial services businesses, compliance is often an inconsistent, manual, and reactive process.
The business challenges
Existing audit processes to ensure compliance required in-person and manual auditing of relevant materials – an approach that was costly and delivered a less-than-complete coverage of all relevant and required ASIC compliance elements.
The Frisk solution
Siloed data, connected
Frisk Insight Engine’s flexible connectors indexed the various stores of unstructured data within file-shares and emails along with structured database information.
Sub-second searchability
This information was now available at sub-second speeds, a significant saving from the previous manual solutions which would take staff hours to complete.
Simple and global user experience
The search functionality offered a consistent experience and information access for thousands of advisors across the country, updating to include new information as it became available.
Data and insight enrichment
Data was enriched with insights derived from analytics and important relevant data, and then overlaid with a bespoke data model and search criteria to enable access to attributes of interest.
Frisk Insight Engine also applied analytical models to highlight answers to compliance-related questions, interconnections between data and potential issues within a data set.
Case management integration
All relevant information was communicated within the case management system for investigation, along with evidentiary framework to support.
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