Does Regtech work for your advisers in a crisis?


Regtech digital and technological solutions have enormous potential to help businesses build a culture of compliance.

2020 has seen individuals, business and government living, managing and surviving crisis after crisis – and it’s only March. Bushfires, floods and now the most significant health crisis in the last 100 years. Whilst not everyone has been directly impacted by the first two, we are all impacted by COVID 19.

Never before have financial advice practices been more in demand and essential for managing the future financial outcomes of so many Australians,[1]. Quality financial advice will play an important role in helping individuals navigate their immediate and long term personal and financial well-being.

Financial Advice practices have been seeking to take advantage of the digital economy for a number of years, some have achieved this more than others. It has never been more critical than in today’s volatile market, to have strong digital and technological driven partnerships, to assist in managing in crisis conditions with unknown resource availability, to ensure we are always putting the best interests of clients first.

The quality of financial advice remains an important focus for advice practices, advisers and regulators.[2] It has been made clear by the regulators that Regtech digital and technological solutions have enormous potential to help businesses build a culture of compliance, identify learning opportunities, and save time and money relating to regulatory matters.[3]

So, is your Regtech partner for advice helping you with crisis management? Managing through a crisis is more than understanding the cause and effect, it is stepping up to assist with innovative and collaborative approaches to ensure your business can continue to have the bandwidth and support to meet all the challenges the crisis throws up.

Your Regtech partner should be:

A Collaborator: take a whole of business approach (not just a tech solution) to helping manage resources, costs and risk, working proactively to find solutions that can help resource pressure points to ensure you stay compliant and continue to put your clients first in achieving successful advice outcomes.

An Innovator: finding ways to help solve business problems in crisis management environments quickly and effectively, offering ways to ensure that you continue to act in your clients’ best interest.

Agile: have the ability and capacity to pivot when you need to pivot around resource availability, process flexibility, technology change and pricing alternatives to find solutions that maximise your ability to maintain your focus on your clients’ needs.

By David Travers


2. ASIC Report 562, 1 January 2018 stated “In none of the 75% of files judged by ASIC to be “non-compliant” did the adviser demonstrate that following the advice given to the client would leave the client in a better position.”


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