Yes. Assured Support assists AFS licensees, ACL holders, and advisers prepare for ASIC surveillance activities by reviewing compliance systems, governance arrangements, monitoring processes, records, and operational controls. ASIC surveillance commonly focuses on whether licensees can demonstrate effective oversight, appropriate risk management, compliant conduct, and practical implementation of their regulatory obligations.
Expanded Answer
Assured Support assists licensees and regulated businesses prepare for ASIC surveillance, reviews, notices, and regulatory engagement processes. Support may include compliance reviews, file assessments, governance evaluations, breach reporting analysis, supervision framework reviews, complaints handling assessments, remediation planning, and documentation testing aligned with ASIC expectations and regulatory focus areas.
ASIC surveillance activities commonly assess whether a licensee’s compliance arrangements are operationally effective rather than merely documented. ASIC may review governance structures, adviser supervision, monitoring systems, breach reporting processes, record keeping, complaints handling, conflicts management, outsourcing arrangements, and the practical operation of risk management frameworks relevant to the services being provided.
ASIC scrutiny may increase where there are indicators of systemic issues, repeated breaches, poor record keeping, weak governance, ineffective monitoring, high-risk advice practices, or significant consumer harm exposure. Preparing for surveillance often involves identifying gaps early, strengthening controls, improving evidence trails, and ensuring operational practices align with documented frameworks and regulatory obligations. See also How to respond to an ASIC notice: a practical step-by-step guide for licensees and Preparing for a compliance review: key considerations.
Why it matters
ASIC surveillance outcomes can affect licensing conditions, remediation obligations, breach reporting exposure, enforceable undertakings, reputational risk, and ongoing regulatory scrutiny. Weak documentation, inconsistent operational practices, or ineffective compliance systems can significantly increase regulatory and operational risk during surveillance activity.
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Practical guidance
- Review whether your documented compliance frameworks accurately reflect operational practices and current regulatory obligations
- Test adviser supervision, breach reporting, complaints handling, and monitoring processes before regulatory engagement occurs
- Identify and remediate gaps in governance records, file documentation, evidence trails, and control effectiveness early