Financial advice licensee Industry Fund Services has partnered with fintech firm Advice RegTech in releasing an artificial intelligence platform to enhance its advice compliance processes.
The human-assisted machine learning AI platform, called SAMI, will allow IFS to enhance its already rigorous risk management and compliance processes, according to a statement.
The platform will allow an automated pre-assessment of up to 100 per cent of files, meaning more financial advice can be reviewed and checked at a faster rate.
Further, the platform will also be able to conduct reviews of the entire client file as opposed to just the statement of advice, thereby further reducing the risk of error.
IFS chief executive Cath Bowtell said the new partnership will reduce the risk for industry fund members even further.
“At IFS our focus is on delivering the best outcomes for members – that’s why we’re constantly ensuring our risk management processes are stringent and that we’re delivering efficient tools and systems for our clients,” Ms Bowtell said.
“We’re really excited at this opportunity to continue improving our offering which ultimately helps us provide advice that industry fund members can trust.”
Advice RegTech’s CEO Samantha Clarke said the firm is excited to support an organisation that “shares a similar vision to improve outcomes for consumers, and to enable greater efficiency so that more Australians can benefit from quality advice.”
Advice RegTech was recognised as Compliance Innovator of the Year 2019 at the awards of ifa sister publication Fintech Business.