Advice RegTech: Raising the Quality of Financial Advice Audits
Miguel de Cervantes, widely regarded as the greatest writer in the Spanish language and one of the world’s pre-eminent novelists, once said—‘To be prepared is half the victory.’ His words perfectly sum up the actuality of today’s business world in which every company is trying to stay ahead of the game by planning delivery models that will comply with changing regulatory demands, more so in the case of financial institutions. As financial institutions are rapidly transitioning from ‘pen and paper’ to a digital environment, it has become crucial for these businesses to ensure that all their digital communications comply with current as well as future regulatory demands. Helping companies remain competitive by improving the regulatory compliance effectiveness of licensees and their advisers and improving the oversight of professional bodies and regulators is Advice RegTech.
Advice RegTech is a regulatory compliance technology and consulting company specializing in the financial services expanse. It is the brainchild of industry veterans Samantha Clarke, CEO and co-founder, who brings 25 years of experience in executive director and consulting roles in financial services and Fraser Jack, co-founder, who is an experienced licensee and financial adviser well known in the industry as a thought leader, mentor, and innovator.
Selected for the Australian regulator’s inaugural ASIC RegTech Showcase and also recognized as a Compliance Innovator Finalist in the Fintech Business Awards, Advice RegTech’s flagship solution is SAMI—Surveillance and Monitoring Intelligence.
SAMI is designed for organizations wanting to adapt to the future state with simple sophistication of compliance by design
The solution is unique as predictive and prescriptive analytics serve as its value add which helps licensees, regulators, and professional bodies to pre-emptively improve financial advice compliance and oversight of best interest duty to consumers. Samantha explains that SAMI is designed to not just enable companies to align with mandatory regulations but to benchmark and raise the quality of financial advice and deliver greater consumer trust and confidence. Improved financial advisory oversight can be achieved with predictive analytics which applies advanced algorithms and modeling techniques to help discover relevant and meaningful patterns in the data, and prescriptive analytics approach that suggests specific courses of action for each potential projected outcome. “SAMI is designed for organizations wanting to adapt to the future state with simple sophistication of compliance by design,” says Samantha.
In addition to SAMI, which embeds seamlessly in regulatory compliance systems for real-time surveillance, monitoring, and automated alerts, Advice RegTech offers Key Risk Indicator Solution (KRIS) which is in line with the results from the Australian corporate regulator ASIC’s Report 515 indicating the importance for Australian Financial Services Licensees (AFSL’s) to have Key Risk Indicator analytics on the behaviour of their advisers. KRIS is designed for AFSLs to assess probabilities and potential risks in their licensed advisers.
While the purpose of Advice RegTech is to enable organizations to improve compliance outcomes to meet regulatory and consumer imperatives, the co-founders believe that its solutions are also helping companies to refine and enhance their operations. The insights that help companies to meet the regulatory requirements when used effectively can present solutions to improve the performance as well. The company is therefore, gaining acceptance across Asia Pacific (APAC) region as a part of its global expansion plan. The years ahead will witness Advice RegTech working continuously on leveraging technology and enabling organizations’ regulatory compliance to be more efficient, effective and in the best interests of clients.