Industry Fund Services (IFS) has partnered with technology company Advice RegTech to launch human-assisted machine learning artificial intelligence (AI) platform SAMI for automated regulatory compliance checking.
SAMI would allow IFS to enhance its risk management and compliance processes instead of relying on manual compliance reviews.
An automated pre-assessment of 100% of files would now be possible, improving the volume of files audited.
IFS said they would be one of the first licensees to use a machine learning AI platform to conduct reviews of the entire file, as well as the Statements of Advice (SoA).
Cath Bowtell, IFS chief executive, said the new partnership would reduce the risk for industry fund members.
”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,” Bowtell said.
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How does the system ensure the advice provided to a ‘particular’ client is in that ‘particular’ clients ‘best interest’ and is appropriate based on their particular need, circumstances and financial position and the ‘safe harbour’ requirements have been met?
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