RCS provides outsourcing solutions for our clients to maintain effective risk management and compliance with their Australian Financial Services Licence requirements within your budget,  even during internal staff turnover and structure change.

With over 30 years of experience, our risk management systems are easily tailored to your business needs and budget. As an external risk and compliance resource we also ensure organisational memory of your risk management processes are maintained. 

We offer the full suite of risk management and compliance services including:  applying for your licence or modifying your licence, developing and implementing policies, systems and reporting for compliance operations and managing and operating those systems and training your internal staff.

We retain an expert compliance law firm on call to provide support for difficult and urgent compliance matters and preparing your licence and modifications.

WE CAN BE DIALLED UP OR DOWN DEPENDING ON YOUR BUDGET 

Fractional Compliance Services are "always on"

Having adequate compliance resourcing on a continual basis is required by the regulations. 
It is a cost of business that can be effectively managed by fractional compliance outsourcing.

Key ASIC Requirement 1

"If you are an AFS licensee, you have general obligations under s912A(1) of the Corporations Act to establish and maintain adequate risk management systems" (Regulatory Guide 104.1).

Key ASIC Requirement 2

"You must have adequate financial, technological, and human resources to provide the financial services covered by your licence and to carry out supervisory arrangements: see s912A(1)(d). You must also have measures to ensure that you have adequate resources on an ongoing basis" (Regulatory Guide 104.89).

Key ASIC Requirement 3

"Having adequate technological and human resources is crucial to your ability to demonstrate that you have the capacity to carry on your financial services business in full compliance with the law and to supervise your representatives. Failure to have enough resources may create an unacceptable risk that you may not comply with all of your obligations as a licensee." (Regulatory Guide 104.92)

Organisational functions we perform 

(via temporary and/or permanent contracted staff)

• Frequent (BAU) compliance tasks (e.g., compliance calendar, updating policies and registers, developing and managing checklists)

• Company secretarial matters

• Risk and audit committee representation

• Board connectivity: Bridging investors’ perspective on the one hand and management’s on the other, (including conflict resolution services)

• General corporate governance, (including board meeting management)

Regulatory compliance expertise

• AFSL applications preparation and assistance

• AFSL on-going compliance program (see AFSL specifics on following page for a list of topics)

• Compliance procedures and policies design and implementation

• Compliance reporting lines and management framework

• Anti-money laundering (including familiarity with complying with the Patriot Act)

• Compliance system review and gap analysis

• Audit-related services (regulator response, pre-audit review, post audit repairs)

AFSL compliance specifics 

• Licensee conditions & obligations

• Authorised representative / distributor appointment and oversight

• Breach management & reportable solutions

• Product disclosure & marketing materials, misleading statements review

• DDO / TMD

• Financial resources

• Complaints handling

• Customer remediation

• Audits & ASIC enquiries

• Risk system testing and resource assessment