Source: Model Office
RegTech and digital audit platform Model Office have launched an automated action planning and compliance diary system called their ‘Action-Tracker’.
This systems RAG rates the system’s compliance diagnostic question sets and filters key areas for retail investment advisers (RIAs) to streamline their governance, risk and compliance activity, ensuring they act on high risk and mandatory areas.
Ex-FCA Professional Rory Percival has scrutinised Model Office’s questions and RAG rating system ensuring the audit is consistent with the latest FCA rules and allows RIAs to benchmark against significant rules, general rules and good practice.
Percival says “Over the years, Chris has kept me up-to-date with developments to Model Office. I think the system is a good way for firms to challenge themselves about their approach and help support professionalism. I was happy to help Chris with the latest enhancement - the Action Tracker - with suggestions for the system RAG rating and already extensive and detailed approach”
The Action Tracker also allows firms to allocate responsibilities to key compliance activity thus meeting Senior Manager and Certification (SM&CR) accountability rules and offer auto-alerts for firms to add key compliance tasks and activity to their calendar.
Chris Davies Model Office Founder says; “The Action Tracker will ensure adviser firms gain automated action plans, keep focused on the high regulatory risk areas they face, gain dashboards to evidence compliance activity, allocate responsibility for SM&CR compliance plus gain auto-alerts via a compliance calendar integration ensuring firms have all the information they need to continue to comply and compete in these turbulent times.”
The action tracker is available to all Model Office standard, enterprise and institutional customers at no additional cost.