We’re making it easier for risk and compliance teams to focus on what’s most important in file reviews
Our clients often see over 100 Regulatory outcomes in a typical SoA file review — and have told us that the key risks detected by TIQK in an advice file can sometimes be lost in the detail.
Shortly we’ll be rolling out an update to how file review results are presented. These changes are based on feedback from our clients, who’ve told us that they want:
- To focus on the most important risks in a file,
- More detail at-a-glance about what each review outcome means, and
- To better understand the changes between versions when a file is reviewed multiple times.
By default, we’ll now filter out all the “Demonstrated” items in a file review. This makes it easier to focus on the areas of the SoA that may require further review by a human expert.
When you want to see all the results, it’s as easy as checking the “Show: Demonstrated” box.
More meaningful results, at-a-glance
With fewer results displayed by default, we have taken the opportunity to expand the descriptions of the results that are displayed, to provide more detail and context about each file review outcome:
- The “collapsed” view now includes a richer explanation of the assessment made by TIQK, and any recommended actions; and
- The “expanded” view includes further information about the underlying regulatory or business requirement, and options to add comments or request an amendment.
A common question we hear about a file review result arises when information is present in the SoA, but not in the format prescribed in the licensee’s template. In these situations, TIQK may return a “Not Demonstrated” result.
To help clarify these situations, we’re now including more detail about the tests where TIQK is looking for information in a specific format prescribed by a licensee.
Together with the new feature to request an amendment, users now have more information on why a result occurred, and options to collaborate with their internal experts to resolve it.
Clarifying advice and best interest risks
TIQK file reviews also include an assessment of the risks of the advice, with a particular focus on the Best Interest Duty requirements.
Similar to the Regulatory outcomes, we’ve added detail in the Advice & Best Interest Risks section to better reflect that TIQK is highlighting potential areas of risk, and not making a definitive assessment.
Clearer review history
Finally, if you’re running multiple reviews of a file over time (to, for example, assess the advice against an updated set of licensee tests) you’ll notice that we’ve updated the Review History section to provide more detail about each version of the review results, including:
- The review date, time, and reviewer
- Overall regulatory risk rating
- The number of Advice & Best Interest risks discovered
- The number of comments added
- The number of amendments requested
- The option to directly download the PDF for a specific review
We are excited to be upgrading the user experience and continually improving TIQK. We plan to release these changes in early March 2020 and look forward to hearing your feedback on the changes.