Industry fund members can have confidence their financial planning files will be subject to the most rigorous risk and compliance assessments, with the launch of new industry-first machine-learning technology to support quality and compliance checking.
This human-assisted machine learning AI platform, called SAMI, will allow Industry Funds Services (IFS) to enhance its already rigorous risk management and compliance processes.
Instead of a traditional, manual compliance review of only a sample of client financial planning files, an automated pre-assessment of up to 100 per cent of files will now be possible. It will vastly improve the quality, consistency, and volume of documents audited, meaning more files can be processed at a faster rate.
While other advice providers are starting to introduce automated review of Statements of Advice (SOAs), IFS will be one of the first licensees to use a machine learning AI platform to conduct reviews of the entire client file, not just the SOA, thereby further reducing the risk of error.
IFS Chief Executive Cath Bowtell said the new partnership will reduce the risk for industry fund members even further.
”At IFS, our focus is on delivering the best outcomes for members – that’s why we’re constantly ensuring our risk management processes are stringent and that we’re delivering efficient tools and systems for our clients,” Ms Bowtell said.
With last year’s Royal Commission shining a spotlight on financial advice, we’re proud to have been an original pioneer of commission-free financial advice – a model that was vindicated in the Commission’s findings.
“We’re really excited at this opportunity to continue improving our offering which ultimately helps us provide advice that industry fund members can trust.”
The partnership with Advice RegTech brings together two organisations that share a commitment to providing trusted financial advice to consumers and improved efficiencies for practitioners.
Advice RegTech was recognised as Compliance Innovator of the Year 2019 in the FinTech Business Awards. It is a specialist in the financial services sector and designs solutions to improve financial advice compliance and oversight of best interest duty for consumers.
”Advice RegTech is excited to support an organisation that shares a similar vision to improve outcomes for consumers, and to enable greater efficiency so that more Australians can benefit from quality advice,” Advice RegTech’s CEO Samantha Clarke said.