Innovative financial regulation platform comes into full effect

October brought about changes to the complexity and scope of financial regulatory reporting as Gadens Law Firm partnered with legal software firm Lawcadia to develop a cloud-based RegTech platform to allow financial institutions streamlined access to regulatory reporting.

Dec 02, 2021, updated Dec 02, 2021
(Image: Unsplash, Anthony Delanoix)

(Image: Unsplash, Anthony Delanoix)

On the October 5, seven new mandatory reporting regimes were introduced to the financial services sector.

The Gadens Breach Manager now has all 1300+ deemed significant breach provisions of the AFSL/ACL regime available through an easy, intuitive interface.

Gadens Breach Manager meets strict industry reporting requirements and ensures quality legal advice is obtained on whether a regulatory breach has occurred and what to do next within sharp statutory timeframes, reducing the risk of legal ramifications for financial services organisations and their accountable employees.

Gadens Partner, Liam Hennessy specialises in compliance/risk matters, regulatory investigations and complex disputes.

Hennessy said the enormity of the regime has brought many additional challenges to Risk and Compliance teams, who were already grappling with the management of a wide spectrum of provisions.

“Navigating over 1,300 deemed significant breaches in just the AFSL/ACL regime, in addition to all the other relevant regimes in their sector, poses a large burden on Risk and Compliance teams.

“Our team have worked incredibly hard to simplify this process for them.”

Powered and hosted externally by Australian legal technology company Lawcadia, Gadens Breach Manager uses an intelligent and secure platform engine — Lawcadia Intelligence™.

Warwick Walsh, Chief Executive of Lawcadia, said Gadens Breach Manager was a great example of technology intervening in an increasingly complex regulatory landscape.

“I think the trend of law firms using technology to help clients solve problems is something that is going to continually increase.

“Regulations are not going away, they’re just getting more complex.

“Gadens Breach Manager is a perfect example of a technology company and law firm collaborating with their clients in mind.

“Law firms can create complex workflows, taking into account what’s needed in the legal industry, to help guide clients through a whole lot of different scenarios.

“It helps guide Risk and Compliance lawyers through a very complex set of regulations in a simple way and ensures that financial services organisations are meeting all of the new requirements so these new financial service obligations can be met.

“There’s over 1300 deemed significant breaches in those pieces of legislation now, so it is difficult for a client to know when something happens. It’s also making sure that they comply with these new obligations.

Gadens Breach Manager streamlines the information collation, assessment and reporting process of potential regulatory issues to one online platform.

It allows financial services institutions across the country to ensure defensible, timely and cost-effective compliance with the new and newly important regimes, including BEAR/FAR, ADI, AFSL and ACL obligations, AML/CTF, Privacy, Design & Distribution, COBCOP & GICOP amongst others.

For more information on Gadens Breach Manager, or to book a demonstration, visit their website.

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