Reducing Non-Compliance Risk for an Australian Financial Services Firm
Reducing Non-Compliance Risk for an Australian Financial Services Firm
2 Pages1 Lexalytics, Inc., 320 Congress Street, Boston MA 022210 USA | 1-800-377-8036 | www.lexalytics.com | | CASE STUD Y Reducing Non-Compliance Risk for an Australian Financial Services Firm The Australian government mandates that financial Statements of Advice (SoAs) include disclosures covering conflicts of interest, own- product recommendations and more. Financial services providers doing business in Australia use SoA templates and frequent spot-checks to make sure that their advisors aren’t modifying or deleting key disclosures. The problem is that an average-sized firm produces hundreds of pages of SoAs each week. Manual review is costly and unreliable – and exposes the firm to high non-compliance risk. One such firm, unable to find an existing contract
