“All the things you do to me
And everything you said
I just can’t get enough
I just can’t get enough”

— User feedback (or Depeche Mode “I just can’t get enough”)

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ComplianceOS

Personally, I don’t think it’s possible to run a sustainable advice business without either significant human resources OR some type of regulatory technology.

I know that many of the most-hyped solutions, run by mid-tier law firms to supplement partners’ income, are incomplete solutions to poorly understood problems. I also understand that some solutions, designed to minimise the demands of ongoing service, were once passable solutions that have simply failed to evolve over time. In other cases, their developers simply lack the resources to maintain, refine and extend their platform.

We’re not in that boat. If you’ve seen OpenAFSL or, better yet, used it you’re probably well aware that regulatory technology – properly configured and properly deployed compliance platform – can free you to move beyond compliance.

OpenAFSL is more than a CRM, it’s a ComplianceOS that provides you with a foundation that optimises your performance and minimises your regulatory risks. If you’ve followed us for any period of time, you’ll know that we believe that traditional monitoring and supervision regimes are largely ineffective in either promoting professionalism or improving the client experience. Instead, legacy methodologies only promote inefficiencies, homogeneity, conformity and bureaucracy.

We’re constantly innovating to help our clients build sustainable businesses. We are the only regtech platform that has incorporated behavioural nudges and operational risk indicators into our monitoring and supervision framework. We were also the first (and perhaps the only) solution provider that applies more weight to ethics and environmental and structural contributors to conduct.

Remember that the law (in respect of complaint audits, provision of complaint data, reference requirements, misconduct and breach reporting) means that effective data management (and data security) is an essential component of your compliance framework.

You’ll be blown away by the new interface (2.80).

You’ll notice it’s even more dynamic, flexible and efficient.

What’s changed

The size of our Development Team has more than doubled over the past six-months, which means that OpenAFSL’s functions and capability have significantly improved (and will continue to do so). We’re committed to the continuous improvement of the platform and our mission to free you from the burden of compliance. While the more profound enhancements will only be shared with our users, we are happy to tell you that:

1. The notification bell now alerts you about assigned tasks and required actions (and provides you with the ability to update these actions directly from the notification area).
2. The Risk and Obligation module provides you with an enhanced ability to link tasks to live legislative references and current Licensee policies. We’ve also done this for Complaints, Issues and Breaches making it exceptionally easy to identify specific failures and contraventions.
3. The review scheduling layout has been updated to better highlight key aspects and optimise the user experience.
4. We’ve given free rein to our obsessive/perfectionist tendencies and updated the file layout area to be consistent with the other pages as well as adjusting the header navigation area to align icons and slightly compact the viewport. In reality, no-one will probably notice but our coding team obsess over these small details.
5. We understand that the nature, scale and complexity of advice businesses can differ significantly (and change significantly over time) so we’ve made a number of changes to allow for more complex reporting lines and to reduce inefficient record keeping processes. You can also more easily add attachments to related entities and people.
6. The industry benchmarks have been updated to reflect the most current data available.
7. To assist new users to learn how best to use OpenAFSL we’ve implemented a number of on-system tutorial options to guide users and teach them how to navigate.
8. Introduced a new Issue trend report type added to report on issues that are identified outside the monitoring and supervision framework.
9. Created a new functionality to allow the easy export of all adviser related information.
10. Amended the Advice Assurance reporting to allow Licensees to determine whether they want observations grouped by occurrence, by file, or by file and occurrence.
11. Enhanced the “Conflicts” module to include new fields (Management and Monitoring) and better present relevant information.
12. We’ve rolled out a series of administrative changes to facilitate, for example, representatives moving between corporate entities. We’ve also added settings that enables you to assign specific colours to users (and have these reflected in their reports and against tasks allocated to them on the system. You may think it trivial, but it’s an incredibly effective way for easily differentiating users.
13. Created a Kanban style functionality area to manage project tasks.
14. Made a series of critical enhancements to make the complaints, breaches and issues areas even more useful.

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