Manual processes increase the risk of human error and potential breaches of obligations. Insurance businesses are increasingly adopting technology solutions to manage their compliance obligations.
How do you ensure that the technology will meet your needs, requirements and importantly AFS Licence and Industry Code obligations?
What does the due diligence cover?
Whether investing in new technology or enhancing your existing technology, our Compliance Due Diligence covers all financial services laws & Industry Code obligations including:
- Disclosure requirements
- Advice warnings
- Duty to take reasonable care and Duty of disclosure
- Complaints management
- Incident and breach management
- Misleading or deceptive conduct
- Financial Services Laws
- Insurance Contracts Act obligations
- Industry Code obligations (such as GI Code of Practice and Insurance Brokers Code)
- Privacy obligations
- Sanctions obligations
- APRA CPS 234 Information Security
- Compliance reporting (internal & external)
- Compliance data
- and much, much more.
The Compliance Due Diligence can be conducted of both new and existing systems and forms an important part of your tendering process. The Compliance Due Diligence is tailored to your needs and requirements.
The Compliance Due Diligence is a Compliance Risk review and not a legal analysis or cyber security risk analysis.
Providing assurance for your investment
Investing in technology is a considerable expense for your business. Our Compliance Due Diligence can be applied to all systems including:
- Sales and service
- Underwriting and Policy
- Administration and Reporting
Let us manage the complexity of compliance for you and provide you with assurance that your current and future technological resources are fit for purpose and protect your customers, partners, business and people.