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Streamlining the compliance process and reducing risk

March 2021

Crown Wealth Group Pty Ltd (CWG), a leading Australian Financial Services Licensee, recently started using the Cirlce8 solution to streamline its compliance process. 

With a team of around 80 planners servicing approximately 8,000 clients the number of documents created each year is significant.   The task of reviewing documents as part of the compliance process was seen as a significant business risk.   Given the sheer size of the task, the business was using a manual approach where a random sample of clients was assessed each week with each assessment taking up to two hours.  This placed enormous pressure on the compliance team and gave limited insights into compliance performance given the random sampling only covered around 10% of the clients within a year. 

"Our team was doing a great job with the tools and processes that we had at the time.   But if we wanted to get 100% coverage we would have had to increase our headcount ten-fold which was not feasible.  Ideally, we needed an approach that could automate the repetitive, onerous tasks and free up our compliance team to focus on doing more value-added,  subjective assessments. We teamed up with the team at Circle8 for a pilot and are very excited about the results"  said Neil Shellshear,   Director & Head of Strategy

Using the Circle8 solution CWG is able to eliminate the manual repetitive tasks. The compliance team will no longer have to pour through various documents to understand the historical client engagement and the content of the documents provided. Using advanced Artificial Intelligence (AI) capabilities the application creates a virtual map of each client.  The compliance team has access to a BI platform that allows CWG to understand the various client engagement milestones and the documents that were provided.  They can then drill down into the document details - ensuring that the document contains the appropriate sections and identifying whether key topics have been covered.  The system also checks specific requirements - such as highlighting when a document has not been signed, when an incorrect FSG has been provided, or if FDS statement dates are incorrect. 

The automation of the process and the resulting collection of valuable data has meant the business can now focus on specific areas that need attention,  and also enhances performance monitoring.

"One of the underlying objectives was to establish a process that ensured we had a high level of compliance visibility and control. We are now data-rich when it comes to our compliance performance and this has alleviated a lot of the pressure the business was under. By getting this right we could not only reduce the business risk but we are now able to direct our energy to deliver better client services,  and ultimately growing the business. .  The Circle8 solution is seen as a key component to achieving this goal" said Brendan Rodwell, Co-founder and Director of Crown Wealth Group. 


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