Proprietary risk
management framework

All of the best policies and procedures — and all of the best intentions in the world — can come unstuck if advisers and licensees are not paying attention to identifying and appropriately managing professional and operational risks.

Within the financial advice sector compliance regimes and checklists are too often confused with risk management and much of what has become industry paradigm over time is not now (and frankly never was) fit for purpose if the objective is to properly manage inherent risks. 

We have been running our enhanced risk management framework since 2018. It has been built to facilitate the creation of quality advice in a commercially viable (and timely) manner while ensuring it will meet community standards and withstand rigorous regulatory scrutiny. Its cornerstone is our proprietary pre-emptive peer review process that is supplemented by our practice peer review program.

Our pre-emptive peer review process achieves five key outcomes:

• it improves the quality, speed and efficiency of the advice being provided and therefore improves the service delivered to clients.
• it provides commercial flexibility and efficiency for advisers and opens opportunities for clients by minimising prescriptive advice and mandates.
• it reduces net total costs to advisers, practices and licensees and helps practices and advisers build the value of their business assets.
• it reduces the risk of adverse outcomes for financial advisers, clients and licensees by focussing on file integrity and ensuring that whatever the advice is – it is supported by a robust file.
• it increases PI underwriter confidence and provides a solid footing in addressing any client disputes that may arise into the future.

Our proprietary risk management framework is offered on a hybrid subscription/user pays model and is available exclusively to boutique licensees and self-licensed practices with an ongoing subscription to our policy suite.