AFS and Advice RegTech partner for AI compliance platform
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.
AUTHOR
Chris Dastoor
Recommended for you
Experienced quantitative researcher Warwick Schneller has taken up a new role, joining Scientific Beta as head of investment solutions, Australia and New Zealand.
AMP has appointed a national manager for strategic partnerships, with John Allmey making the move from Mercer Australia.
Bennelong Funds Management has announced new additions to its board following the retirement of chair Lincoln McMahon at the end of this year.
T. Rowe Price has promoted head of Australia and New Zealand consultant relations, Cassandra Crowe, to the equivalent APAC role.
