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.
For more information on the GRC-Maestro Platform click here.