Tell me how it will help me

The outcomes from the Royal Commission, together with stronger oversight of existing laws by ASIC, has created—and will continue to create—significant challenges for the financial advice industry.  

With regulators showing lower tolerance to inappropriate and non-compliant advice practices, financial advice licensees are required to focus on re-engineering their compliance and advice processes to mitigate breaches that may result in financial loss and business risk.

 Tell me what it does

Lumen provides you with data-driven analytics, compliance and key risk indicator (KRI) monitoring, together with interactive dashboards, automated alerts and reporting. With this in-depth picture of the operational and compliance performance of a financial advice licensee’s business—and its authorised representatives—by identifying where the risks lie.

Unlike other systems that simply store and retrieve data, Lumen provides insights and outputs so you don’t need to assemble information and draw your own conclusions. For example, Lumen can alert you if: 

• The same strategy has been recommended to more than 50% of clients

• There is a spike in revenue

• Elderly clients are 100% invested in growth assets

• A client doesn't receive a timely FDS or if they’re paying ongoing service fees and there is no record of the service being provided.

Tell me what others think about it

“With Lumen we don’t have to wait 12 months for an audit to see how our business is tracking. If we receive a notice from ASIC tomorrow, we can quickly run a report on the activity of all our authorised representatives and demonstrate that we are continuously compliance monitoring.”

AFSL holder

Can you break it down for me?

Continuous monitoring: Lumen uses a data-driven and continuous approach to compliance monitoring. It provides immediate visibility of advice and advice process in near real time and allows issues to be addressed immediately—before they become material regulatory and business problems if left undiscovered. This enables you to meet licensee obligations and ensures quality advice is being given. 

Audit file selection: Using Lumen’s thematic dashboards and adviser alert history, it is possible to quickly and more efficiently identify higher risk client files and/or advisers to be subject to more detailed audits.

ASIC reporting: With ASIC also taking a data-driven approach to its regulatory oversight—such as FDS and grandfathered commissions—Lumen enables you to assemble a complete, up-to-date report on the activities of all your authorised representatives.

Complete oversight: Lumen acts on all advisers and all clients in your Xplan site, giving you complete visibility and oversight.

Compliance: With over 30 pre-configured ASIC and industry KRI's, each with an interactive dashboard providing oversight and the ability to drill into your data.

KRI alerting and alert management: Enables you to quickly identify, manage and address risks, and evidence to regulators that you are continuously monitoring.

Reporting: Evidence to ASIC that you are continuously monitoring compliance risks and document the investigation of any alerts in Lumen, which doubles as a workflow management tool for compliance issues.

Give me six reasons why I should use it

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So what's next?

Contact us today to see Lumen in action and how it can help your business. 

Call us on 02 8273 7000 or email lumeninfo@iress.com

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