We pride ourselves on being at the cutting edge of industry and regulatory change and take even greater pride in protecting our brokers’ business and reputation by ensuring best practice in all we do.
We are continuously working to integrate and automate compliance as much as possible in our systems. These improvements are there to help make compliance easier, however, there are other business requirements that you must meet in order to both protect yourself but also to future proof your business as well. This area is becoming more and more important, as increasing regulatory focus on the industry occurs.
When we use the word ‘compliance’, we refer to all our business obligations to meet regulatory, advertising, responsible lending, best interests duty, and privacy requirements. What can you do to help safeguard your business and your team against the risk of noncompliant behaviours?
- Ensure that all staff complete the AFG compliance training modules and take advantage of the latest training pathways as they come online.
- Use all the integrated compliance tools within our systems and the electronic lodgement process.
- Access and review the suite of compliance tools and resources available on Learn.
- Use SMART as your marketing program. SMART includes provision for all mandated subscription legislation and helps you avoid the risks of manual data entry and duplicated databases.
- Talk to your BDM about what more you can be doing to stay safe and stay aware.
- Utilise AFG’s Compliance team and resources, including audit services.
As part of our focus on Conduct Risk, in particular, we will continue to communicate to you both regulatory expectations, as well as our own expectations of acceptable practice. Together with an internal focus on data and risk analytics, compliance and risk management are becoming points of differentiation and competitive advantage for AFG. Valuable training will shortly be provided to you via our new learning management system and we encourage you to take a look at it.
