How to tackle regulatory risk with key risk indicators (KRIs)
Promoted by Midwinter Financial Services
Rising regulatory pressure is weighing down advisers and dealer groups. Fortunately, there s a better way to manage risk, says Midwinter s Catalina Lopez.
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The advice industry is a challenging business. Make a mistake and the repercussions can be life changing. At best, reputations are shattered. At worst, businesses are closed.
Monitoring the quality of advice while maintaining a profitable business is the tight rope that advice professionals must walk.
In 2017, ASIC, the corporate regulator backed the rising use of key risk indicators (KRIs) to fulfill that goal. Many larger institutions had already begun implementing KRIs by combining technology and data analytics to pinpoint areas of weakness in their advice.