Platform prototypes compliance capability

HUB24 is developing a new tech capability, which it says will identify compliance issues before they happen.

The specialist platform is currently working with five licensees to build the tool, including its subsidiary Paragem, which will use machine learning and AI to recognise any irregularities in licensee data.

One such licensee is Fortnum Financial Group, which is currently in the project delivery phase of developing the new compliance tool with HUB24.

Managing director and group chief executive Neil Younger told Financial Standard the tool would allow the licensee to be more proactive in the supervision and monitoring of risk – saving Fortnum Financial time, energy and money.

“Assessing a certain type of risk would normally involve checking a whole host of documents to see if that risk was in fact something you should be worried about,” he said.

“What this does is just automate that; it throws up a flag for you – saying that the information is potentially not complete – giving you a reason to go and look a little bit further.”

The system is designed as an early warning indicator, he said, so that licensees can intervene if it recognises a problem.

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Source: Platform prototypes compliance capability | Financial Standard