Entries by Dilip

Internal dispute resolution & RG 271

RG 271 will replace RG 165 and takes effect for complaints received from 5 October 2021. It has several new requirements that are enforceable and other guidance to assist financial firms in complying with their legal obligations. Below are some of the highlights The complaint’s definition should include complaints made on a social media channel or […]

Supporting Insurance claims handling as a financial service

Previously, claims handling and settling services for insurance products were excluded from the definition of a ‘financial service’. This exclusion was removed as part of the Government’s response to the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. From 1 January 2022, if you carry on a […]

Automating Breach Reporting

Over the next few years, the adoption of automation and AI technologies will transform the risk & compliance as firms increasingly interact with ever-smarter machines. These technologies, and that human-machine interaction, will bring numerous benefits in the form of higher productivity, reduction of cost for compliance, risk, but they will also change the skills required […]

Future of Work trends that will drive Risk & Compliance automation

The COVID-19 pandemic has forced organizations to operate with a physically dispersed workforce. Employees are involuntarily working from remote locations. Due to the changing dynamics and demographics of modern work, enterprises have evolved to manage labour and talent, increasingly favouring automation. This shift, also known as digital transformation, helps organizations digitize manual work processes, freeing […]

Monitoring product design & distribution obligations

ASIC released Regulatory Guide 274 Product design and distribution obligations (RG 274) for issuers and distributors of financial products that must comply with the design and distribution obligations. The changes will significantly alter the way financial products are formed, marketed, and promoted, with the commencement of the new laws scheduled from 5 October 2021. What […]