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Streamline Your Compliance Process: How Can AI Help?

Streamline Your Compliance Process: How Can AI Help?


The Australian Securities and Investments Commission (ASIC) is the regulatory body for financial advisers in Australia. It's important that all licensed professionals comply with ASIC, but it can be a burden to keep track of all their obligations across different areas of compliance.


AI technology has been touted as a way to help streamline processes and save time for financial advisers who work hard at complying with these obligations while maintaining quality service to clients.


There are a few specific ways in which AI can help with compliance:


  1. Automate routine tasks, such as data entry or analysis, to free up time for advisers to focus on more complex work

  2. Analyse SOAs and ROAs using AI can help identify risk factors and potential areas of non-compliance

  3. Generate a Client Engagement Map to analyse the adviser-client relationship

  4. Automate document analysis to identify and track changes in a client's file over time

  5. Generate reports on compliance status to identify risks before advice delivery

  6. Highlight superannuation fees charged by trustees (which are under increased scrutiny from ASIC)


Overall many ongoing benefits come with using AI for financial adviser compliance:


  • Increased efficiency as tasks that would traditionally take hours or days can now be completed in minutes or seconds

  • Greater accuracy as AI is less likely to make errors than humans when reviewing large data sets

  • Improved transparency and accountability as all Metrics and KPIs are visible through real-time analytics


Are you a dealer group or an advice business? Discover how Circle8 can increase your compliance with less effort using AI by contacting us here.

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