TIQK provides objective and immediate feedback to catch inconsistencies, omissions, or errors in financial advice files before they can reach clients.
FOR ADVISERS & PARAPLANNERS
Proactive & collaborative risk management
Using advanced Natural Language Processing, Expert Systems, and A.I. / Machine Learning technologies, TIQK extracts data and meaning from every advice file and systems like Iress Xplan™.
In just seconds it forms a holistic view of the clients, the adviser, and the advice provided.
It highlights essential regulatory and business Key Risk Indicators that may require further review – based on the file versions, legislation, regulatory guidance, and business policies in effect on the date the advice was prepared.
Controls & compliance
- Alignment to AFSL template
- Adherence to AFSL policies
- Required disclosures
Advice & Best Interest risks
- Product replacement
- Vertical integration
- Variance to asset allocation
- Consistency of goals, scope, and recommendations
Risk & advice analytics
- Vulnerable clients
- Risk Profiles
- Strategy combination & frequency
- Client demographics
“In order to improve risk-management and minimise your compliance risks, you must include the capacity to explore, test, and implement ‘compliance-by-design’ reg-tech solutions within your business model.”
Daniel Crennan QC – Deputy Chair, ASIC 2019
Manage demand effectively
It’s not always possible to maintain a monitoring team to match variable or seasonal activity: they either sit under-utilised, or create bottlenecks when activity spikes.
TIQK forms the first line of defence by performing a broad yet detailed review of volumes of advice – quickly and at the point of sale – to complement your review team’s strengths.
High checklist alignment
TIQK aligns with up to 76% of Licensee Audit Checklists, as applied by pre-vet†
†♠ Client site post-implementation reviews, 2019, 2020
Financial advisers engage with TIQK review results in up to two-thirds of cases†
Business process improvement
TIQK has been proven to reduce the pre-vet human audit time-to-outcome to 2 minutes on average, and accurately deliver 87% of all SoAs to pre-vet – an increase of 47% compared to before TIQK was used ♠
The power to adapt to your standards
Out-of-the-box TIQK reviews essential legislative, regulatory, and best practice risk indicators.
However we understand that our clients want to include their own standards, practices, and methodologies.
That’s why we offer two powerful ways to extend TIQK reviews:
Our analysts work with you to quickly design, test, and deploy Custom Business Rules that run automatically with every file review.
And with TIQK A.I. we help you automate even more with custom artificial intelligence reviews modelled on your expert methodologies. If you have an in-house data scientist we can even use their pre-trained A.I. models.
Integrate and automate
Connect TIQK to the advice generation platforms you use every day to seamlessly incorporate automated risk assessments and decisions into your workflow.
Secure by design
Your data remains on-shore and encrypted at all times, protected by multiple security technologies and secure engineering practices.
We understand that your Custom Business Rules and A.I. models are private. TIQK never shares or merges them with any other client.
This means your data and intellectual property are always protected, and your advice reviews are always accurate.
For organisations with extended security protocols we offer the option of isolated cloud data storage and processing.
“By implementing TIQK we augmented our risk management processes and were able to increase the number of advice documents analysed by 380%.
This allowed us to transition from reactive, to proactive, risk management and compliance.”
Matthew Farley, Managing Director, MyPlanner