Compliance

It is obviously important that all remedial actions are addressed as quickly as possible and certainly within the prescribed time. It is also important that there is one “source of truth” for these actions. Trying to manage this through emails and CRM’s can mean information gets lost and important remediation does not happen. RTC (Real Time Compliance, a web-based software system for compliance management) has a remediation process built into its audit tool function. The system automatically generates specific remedial…

ASIC Report 515 looked at KRIs for advice licensees to consider when monitoring and supervising Advisers. There were quite a number of key risk indicators mentioned. Without going through them all, consider the following that were mentioned in the “Adviser Profile” category:- Adverse complaints history in terms of both the number and value of complaints Adverse adviser audit outcomes High level of recorded incidents, issues and events, and breaches Poor training history (e.g. training not completed by due dates or…

Audit Scheduling Did they get an audit when they were supposed to? As far as I am aware, there is no prescribed requirements for the monitoring and supervision of Advisers, particularly when it comes to the number of audits or the number of files per year. The industry average has been historically one audit per year, each containing three files. If there are problems perhaps those numbers increase. Whether or not this is appropriate is the decision of the compliance…