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AUS: AFS – Authorised Representatives

An AFS Licensee is responsible for monitoring, supervising and training their authorised representatives. These responsibilites are outlined in the ‘Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104)’ and in the ‘Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146)’ documents from ASIC.

Our Authorised Representative Monitoring Maestro-Solution is used to help you protect your AFS Licence! The Maestro-Solution enables your Client Relationship Managers to capture information from the Authorised Representatives (ARs) when they are conducting their annual/bi-annual client meetings. The Maestro-Solution also helps in on-boarding new Authorised Representatives and also allows you to enagage directly with your ARs if an AR needs more regular monitoring/engagement!

The Maestro-Form the Client Relationship Managers use in their client meeting looks to capture information pertaining to the ‘Activities of the Authorsied Representative’, ‘Authorised Representative’s Communications with the Licence Holder’ and ‘Authorised Representative’s Training’. Any issues  automatically alert the Compliance Team so that resolution action can be taken.

AUS: AFSL – Complaints Register

ASIC RG 165 requires licenced firms to follow an internal and external dispute resolution process.

The first part of a dispute resolution process is to register the complaint. Once registered the AFS License holder has 5 business days to resolve the complaint to the complete satisfaction of the client before the full Internal Dispute Resolution process needs to be applied.

Our AFSL Compliant Register Maestro-Solution allows all employees or clients to report complaints. GRC-Maestro automatically notifies the firm’s Client Service team (or another team) of the complaint. The Client Service team are then able to assess whether the complaint is valid and attempt to resolve it within 5 business days.

The Client Service team can utilise the AFSL Complaint Register to report and review, in real-time, to ASIC (or Senior Management, Auditors etc) on Complaints assessed as valid by time period.

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding ASIC Complaint investigations.

AUS: AFSL – Compliance

Firms applying for an AFSL must have in place adequate systems, processes and controls and maintain these after being granted a license.

Our AFSL Compliance solution ensure the license holder is able to demonstrate full compliance with ASIC regulations at all times.

Potential violations of AFSL regulations are flagged for investigated, reporting and resolution.

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding ASIC AFSL compliance.

AUS: AFSL – Incident/Breach Register

ASIC recommend that regulated firms (AFS Licensees) maintain a breach register. All potential breaches should assessed as breach or non-breach by a by a qualified person within the firm. Those breaches deemed significant then must be reported to ASIC using an FS80 Form or, alternatively, a written report.

Our AFSL Incident Register Maestro-Solution allows all employees to report possible breaches or incidents. The GRC-Maestro platform automatically notifies the firm’s compliance team of the incident. The compliance team then perform the necessary work to allow them classify the incident as a breach or a non-breach. As the incident is classified, the supporting investigative notes and documentation can be stored against the incident. In the case of a significant breach, the breach classification process can capture both the date the breach was reported to the regulator and the FS80 form (or equivalent written report) against the incident.

The compliance team can utilise the AFSL Incident Register to report and review, in real-time, to ASIC (or Senior Management, Auditors etc) on potential breaches, their classification and their classification justification.

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding ASIC Incident investigation.

AUS: APRA - Banking Executive Accountability Regime (BEAR)

The Senior Management of Authorised Deposit-taking Institutions (ADIs) are held personally responsible and liable for their conduct. ADIs have to identify and record the Senior Managers concerned, ensure they have appropriate governance, control and risk management.

Our Banking Executive Accountability Regime (BEAR) solutions ensures ADIs have the governance structure, internal controls and risk management required to evidence BEAR compliance.

Senior Management can also use our solution to evidence their personal actions to prove they were personally BEAR compliant. Using GRC-Maestro as a personal user, the Senior Manager can ensure their records remain confidential and they retain full access even after they cease to be employed by the ADI.

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding ASIC Appointed Representatives.

Related Resources

AUS: AFSL – Complaints Register