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Digital Digest: The Latest Tech News - IRESS
Editorial Staff
3 August 2018
IRESS To see a story about IRESS' financial performance, click here; to see an interview with the firm about trends in the sector, see here.
, the Sydney-listed fintech firm, announced it has integrated data analytics solution Lumen with XPLAN so that clients can more quickly spot cases where advice standards fall short of the rules.
The firm said licensees can match and analyse additional proprietary or third-party data to provide businesses with a full picture. The integration follows the acquisition by IRESS of Lumen in April 2018, it said.
Licensees are increasingly looking to technology to validate advice and stop breaches of standards before they happen, IRESS’ managing director, Australia & New Zealand for Wealth Management, Tizzy Vigilante, said.
“The oversight function can no longer satisfy its obligations by monitoring advice manually or using a small number of data sets,” Vigilante.
“This new integration solution means licensees will receive an in-depth picture of the operational performance of their business and where there is risk. This includes being able to access pre-configured compliance monitoring for ASIC’s key risk indicators to satisfy compliance and regulatory requirements. In addition, all outcomes are recorded for more efficient reporting to auditors and ASIC,” Vigilante said, referring to the Australian Securities and Investments Commission.
The Australian point is particularly acute at a time when, as described here, banks and wealth managers have been battered by a number of scandals around issues such as money laundering, over-charging and incompetent/dishonest advice.
“We have two licensees signed to this new solution to fast-track a data-driven perspective on their business. We expect this to be the only way oversight will be sustainable in the future and look forward to working with licensees to visualise all of their data,” Vigilante added.