Financial firms struggling to assess risks of disruptive technologies

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A majority of financial firms’ risk managers in Australia don’t believe they can adequately assess the risks of disruptive technologies, with only 8% describing themselves as fully capable of assessing the risks associated with adopting artificial intelligence (AI) across their organisations, according to a new report by Accenture (NYSE: ACN). Even fewer said they are fully capable... Read more continue reading

Electronic company document execution

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Electronic execution of documents is bedevilling lawyers across the country because of the complex interweaving of various statutes and the common law. John and Mary have an SMSF and are the directors of the corporate trustee. They have recently changed the trustee of their SMSF from individual trustees to a corporate trustee. This was a... Read more continue reading

Protecting digital human rights in the post-COVID-19 era

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Digital data has expanded beyond imagination, and can create some serious issues for privacy and human rights, especially when it comes to the sensitive health data now being used in the battle against Covid-19. The amount of data in the world will reach about 40 trillion gigabytes in 2020, or more than 5,000 gigabytes for... Read more continue reading

Most retirement planning tools miss the mark

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Most retirement planning tools give people a false impression about whether their retirement savings plans are on track, says Andrew Crawford, co-founder of the digital financial adviser Fiduciary Financial Services. “The problem with most of these planning tools is that they focus solely on superannuation when they should be looking at retirement in its totality... Read more continue reading

Does Regtech work for your advisers in a crisis?

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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... Read more continue reading

STARTing UP…How to get to market sooner!

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So you’ve got an awesome idea, MVP or full product/service offering and are eager to disrupt the market… but don’t know how you’re regulated or how to comply? I’m not surprised! The Australian regulatory landscape is complex and can favour incumbents and the big end of town. Start-ups often find regulatory requirements confusing and an... Read more continue reading

Tech execs team up to reboot accounting and financial advice sector

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Australian executives spanning technology, venture capital, private banking, accounting and financial planning have joined forces to drive much-needed change in the advisory sector, launching WOWCON 2020. The Whole of Wealth (WoW) summit, which will be held at Crown Casino in Melbourne on June 3-4 aims to reboot the financial advice and accounting sectors after what... Read more continue reading

Mass data clean-up for financial institutions

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Post Royal Commission, financial institutions are cleaning up their act and cleaning up their customer data, according to QMV managing director, Mark Vaughan. “Banks, superannuation funds, insurers and wealth managers have been working overtime since the Royal Commission, unpicking data issues and, of course where needed, compensating customers for account errors such as fee-for-no-service and... Read more continue reading

McGrathNicol partners with ResponSight to launch tech-enabled forensic service co-funded by AustCyber

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McGrathNicol has announced the launch of FDetect, a new technology-enabled forensic investigations and risk profiling service developed in collaboration with leading technology and analytics startup, ResponSight.  A study conducted by the Ponemon Institute reports that it takes an average of 281 days to identify and contain a cyber breach in Australia, with the average cost... Read more continue reading

Super way for SMSFs to save money

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A software application has been launched that enables trustees of self-managed superannuation funds (SMSFs) to manage their own fund and save on expensive accounting fees. The software, branded DIYSOL, was developed by career accountant and SMSF trustee Jeff Bain. “It makes no sense for people running a super fund to pay an accountant – sometimes... Read more continue reading