Using SARA in Compliance File Reviews

If you have recently submitted an SOA for compliance vetting, you will notice that we are now providing a formal Compliance File Review Report, which summarises the findings and observations made on the file.

This is where SARA comes in - our Statement of Advice Review Assistant in your iC2 App. SARA is an AI-powered copilot designed to assist us in reviewing your Statements of Advice.

Using SARA, we are able to quickly and accurately analyse your Statement of Advice, identifying any potential issues or areas of concern.

At the completion of the compliance check, you will receive a detailed Compliance Report with a Report Summary and detailed outcomes of the observations made. The Compliance Report will be stored in iC2 and also sent for your review.

Advantages of SARA:

·      Using SARA gives us a formal structure and checklist for reviewing the advice.

·      It allows us to make detailed notes on the areas checked, how your advice is in your clients’ best interest or any areas that need attention.

·      We have a formal record on file of the review.

·      We can review your file in a quicker time.

It is important to remember that SARA is a co-pilot and assistant, not an autonomous compliance manager.  When using SARA, the responses are still being monitored and reviewed by a compliance manager for accuracy and relevance. The technology is not at a point where it can work autonomously with high degrees of accuracy. Although this is something that we believe will become available in the future.

We look forward to developing SARA and using AI technology to assist in our (and your) business to gain efficiencies and improve compliance outcomes.