and Credit Licence Compliance
As a finance broker, it goes without saying that regulatory compliance is critical. Anyone in the finance industry continually faces regulatory risks and also needs to keep up with protocol changes from lenders. It’s essential for Australian Finance Brokers to come up with a practical approach in managing their business and organisational risks. The method should help discover, monitor, and measure compliance standards and to also allow for ongoing education across the entire organisation and therefore foster continual improvement.
SalesKey introduces comply365, the ultimate compliance platform designed for Finance Brokers. This easy to use system can assess and monitor business compliance with National Consumer Credit Protection (NCCP) requirements and Australian Credit Licence obligations. Regular checking enables Finance Brokers to stay updated and educated regarding the Act, especially when there are significant changes.
Put simply, Comply365 is an essential platform to support your compliance with legal requirements all year round.
comply365 is SalesKey’s self-auditing system exclusively created for those providing credit assistance services. Both Australian Credit Licensees and Authorised Credit Representatives can take advantage of the platform to keep up with NCCP requirements.
Auditing questions are focused on Responsible Lending and Credit Licence Obligations, which applies to ACL holders. Meanwhile, ACRs are solely targeted towards Responsible Lending.
comply365 not only helps you enhance your compliance to NCCP requirements but you also gain Continuing Professional Development (CPD) points.
With this platform, you get audit content specific to the loan type. Assessments are more effective because of the randomised questions, so you do not provide patterned responses. comply365 also ensures that you and your team are constantly updated with regulatory content and ACL obligations.
Use comply365 to view the performance of your business. The system enables you to see the accomplishments of each broker within your network.
The filter function allows you to check if there are members of the team with pending issues or requirements in meeting their compliance standards. You can also explore the details of their self-audits to ensure you are satisfied with the integrity of the results. If needed, you can use the software to obtain manual audits from a third-party compliance expert.
Apart from the staff and individual brokers, you can also use the system for auditing yourself to guarantee you fully comply with the law. With management access, you can restrict, add, or remove users from logging into the system. You can also provide permissions to Lenders or Aggregators if they wish to view the file audit details, or simply via high-level Dashboard reporting to at least see your business’s auditing rhythm.
Giving access to staff members enables them to access the organisation’s Dashboard, where they can track their own performance. Your staff can perform audits and view detailed feedback where they can even obtain further compliance education. Employees also gain CPD points.
The Dashboard features a quick summary of the User or Entity and the time period, giving you an overview of the following:
A list of all completed audits and recent activities
Scheduled audits, both upcoming and overdue ones
File audit target requirements
All users get access to their audit details with just a click of a button. However, managers or admin users get additional functionality, including setting up milestone alerts for ACL renewal, professional insurance indemnity policies, and Australian Financial Complaints Authority (AFCA) membership due dates.
comply365 offers a comprehensive way to ensure you meet your ACL obligations. No matter how busy you get, you are sure that you continue to keep track of the compliance requirements while maintaining focus on important business matters.
comply365 is designed to simplify compliance for Finance Brokers. Contact SalesKey today and experience a secure, versatile, and scalable way of keeping up with the industry’s compliance requirements.
Get comply365, the all-in-one auditing solution that allows easy record-keeping, reporting, and monitoring of your ACL and ACR compliance, as well as your staff and other brokers. Give us a call today.