First for FSRB compliance
Management software specialist IQMS believes it has released the first attempt by a software provider to tackle the complete compliance burden associated with the Financial Services Reform Bill (FSRB).
IQMS director Andrew Ross says other software packages to assist planning practices comply with the new FSRB laws are customised to deal with either learning management or process management, not the whole process.
IQMS’s software, known as Financial Compliance Management System (FCMS) has been developed to enable financial planning practices to electronically manage their auditing, compliance testing, reporting and training requirements proposed by the Financial Services Reform Bill.
Ross says the software offers a fully automated system.
“Policies and procedures are clearly defined and communicated to the right people, proper record-keeping of regulated activities is ensured, training requirements are identified, and the whole process is automatically tracked and reported on an ongoing basis,” he says.
Director Glen Walton says the system is tailored according to the size and structure of the planning practice, either in a pay-as-you-use format, or as a full suite of applications and online tools.
“At this stage we expect the software is more suitable for larger planning groups with multiple sites,” he says. “It’s probably not really fitted to the one to two man practices yet.”
IQMS has spent the past five years designing systems that meet the compliance standards of other industries, such as environmental compliance, occupational and safety compliance and risk management. It is presently working with Bridges Financial Planning in developing and implementing its software to meet the FSRB requirements.
AUTHOR
Lachlan Gilbert
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