It’s no secret that IFAs can’t afford to let their guard down when it comes to compliance. However, as critical as information security and compliance are and as challenging as it may feel to maintain; it can all come crashing down in a second (or a click).
Compliance impacts each step of the financial planning process, but nowadays, so does technology.
To ensure that nothing slips through the cracks and that you aren’t exposing yourself or your business to any unnecessary compliance risks, we’ve compiled a checklist of top things to consider regarding compliance and technology for financial planning.
Top tips for IFAs to streamline tech compliance
Fortunately, your tech stack can be your greatest asset for maintaining and streamlining your compliance, that is, if you know what to look out for (and what to avoid).
Implement access control
Employees are still your first line of defence when it comes to cybersecurity and protecting your data and information. The first step to ensure that you safeguard information and protect your data against internal threats is establishing access control within your current systems. Access control restricts visibility to ensure that sensitive and prioritised information can’t be accessed without authorisation. Be sure to audit your tools to confirm that they have the correct access control features that allow you to easily limit and permit access to information.
At Commspace, we provide a multi-dimensional access control system. The first level arranges all in a two-level hierarchy system which allows users to access information at an office or company level.
Secondly, the system will enable you to restrict access to specific features, only allowing authorised users to access critical elements such as analytics, auditing, client management, commission management, office management, reporting, etc. Finally, there is also the ability to establish viewing and editing rights, allowing access control to who is permitted editor access.
Check for security frameworks
A robust security framework is critical for mitigating the risk of non-compliance when integrating a new software or tool. Various information security frameworks prove due diligence and allow you to rest assured that your and your client’s information isn’t under threat. ISO 27001 certification is the leading international security standard and ensures that an organisation implements security best practices and controls to ensure all information’s confidentiality, availability, and integrity.
Opt for automation
It may seem counterintuitive, but investing in automated tools decreases the risk of non-compliance and drastically improves your cybersecurity.
Accuracy and transparency are critical to compliance when managing, tracking, splitting and analysing Financial Adviser revenue. Automation tools can provide financial advisers with constant oversight of all processes. Moreover, it eliminates the inevitability of human error.
Automation also allows you to synchronise information across the entire organisation, keeping your data in one consolidated platform instead of going back and forth between various tools.
Streamline tech compliance with Commspace
Manage your commission and fees beautifully without having to worry about risk exposure.
Commspace is a fully ISO 27001-certified solution allowing you to manage, track, split and analyse financial revenue while implementing information security best practices. Additionally, our designated compliance features allow you to track your compliance status while simultaneously blocking allocation to any non-compliant items.
Ready to start managing your revenue and compliance in one fell swoop? Connect with us here.