Smart RegTech

LUMEN® Compliance

 

Fundamentally reduces the cost of compliance and transforms performance

 

 
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“And the final issue is misconduct…root causes seem to include distorted incentives coupled with an erosion of a culture that placed great store on acting in a trustworthy way. Finance depends on trust. In fact, in the end, it can depend on little else.” – RBA

 
 
 
 

LUMEN® Compliance delivers:

  • Increased rigour

  • Reduced cost

  • Full coverage replaces spot checks

  • Manual errors eliminated or reduced

  • Interactive dashboards

  • Automated alerts

  • Case Management

 
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LUMEN® Wealth Compliance

 
 
 

 

“Many of the institutions we reviewed did not ensure internal processes consistently supported the value of ‘doing what is right’ for the customer. Many of the failings we identified led, or had the potential to lead, to poor outcomes for customers.” - ASIC Report 515

 

ASIC Report 515 is a call to action for large and small firms: transform your wealth compliance or face loss of trust, reputation damage, remediation payments, fines and personal liabilities.  

The cost of compliance escalates at over 10% year, yet teams consistently struggle to deliver comprehensive monitoring. Continuing traditional approaches will not meet this compliance challenge. Compliance automation is the best and most cost-effective way to increase rigor and drive best practice. 

LUMEN® Compliance Workbench delivers best-practice compliance management. Workbench enables organisations to monitor and take action on the key financial advice indicators. It also monitors product, advisor and customer risks and analyses connections to deliver powerful insights.  

Comprehensive monitoring drives historical and predictive alerts. Case management enables organisations to take preventative action and remediate failings. 

That’s why Workbench insights are powered by multi data sources: customer risk, product risk, statements of advice, file notes, commission rates, transactional data, communications, enterprise guard-rails, HR data and regulatory rules.

 
 

LUMEN® Super Compliance

 
 
 

“58% of funds regard government regulation and the Productivity Commission inquiry as their fund’s top risk. Funds are finding regulatory change overwhelming, fast and too frequent for their liking.” - Mercer 2020 Report

 

Super Funds face multiple challenges around scale, mergers and benefit outflows to contributions ratio. Against this background, there is a rising need for companies to need to drive down costs and increase returns. Regulation and policy changes are a given, and most funds view this as a costly drag on performance. 

Compliance automation can turn this around. Rigour is increased and cost of compliance reduced. 

A major benefit of LUMEN® Super Compliance is the insights and analytics automation delivers. Compliance excellence puts customers first, ensuring their needs are met. Best-practice is delivered, and preventative strategies implemented to raise customer satisfaction. 

 

LUMEN® Trader Surveillance

 
 
 

“Conduct risk...can be caused by deliberate actions or may be inadvertent, caused by inadequacies in practices, frameworks or education programs. Conduct risk can have significant ramifications for an organisation, its shareholders, clients, customers, counter-parties and the financial services industry.” - ASIC Market Supervision Update

 

To prevent market abuse, it is necessary to have a policy-driven and consolidated view of compliance, risk, limits and trading activity across all asset classes, markets and geographies.  

Trader Surveillance begins with policy and tracks to controls, monitoring and measurement. Policy frameworks are compatible with FCA “Fair and Effective Markets” and ESMA “Market Abuse”. 

Out of the box we include: Insider Dealing, Co-ordinated Trading, Confidentiality, Artificial Price Level, False / Misleading Dissemination, Spread / Order Book Manipulation, Front Running, Marking Reference Price, Triggering Stop Loss, Volume Dominance, Bypassing Safeguards. 

By aggregating trade data, compliance data, limit structures, HR and business rules within a single product, Trader Surveillance enables end-to-end transparency to provide executives with clear KPIs on compliance coverage and performance.  

 

For many organisations, the volume of paper, PDFs and file notes make it difficult to monitor compliance and remediate failure.  

LUMEN® Document Workbench delivers analytics across unstructured data, enabling monitoring and remediation.