IRESS has integrated its data and analytics solution, Lumen, with XPLAN in response to fee-for-no-service concerns raised by the Banking Royal Commission and the Australian Securities and Investment Commission’s (ASIC’s) key risk indicators.
The integration would ensure licensees could now identify actual and potential scenarios where advice standards were not being complied with and match and analyse additional proprietary or third-party data to provide businesses with a full picture.
Licensees would be able to access pre-configured compliance monitoring for ASIC’s key risk indicators to satisfy compliance and regulatory requirements, and all outcomes are recorded for more efficient reporting to auditors and to the regulator.
IRESS managing director for wealth management, Australian and New Zealand, Tizzy Vigilante, said licensees were looking to technology to validate advice, and the oversight function could no longer satisfy its obligations by monitoring advice manually or using a small number of data sets.
“This new integration solution means licensees will receive an in-depth picture of the operational performance of their business and where there is risk,” she said.
Vigilante said the use of technology to monitor compliance would become the only way oversight would be sustainable in the future.
