It’s easy to get busy in the business but if you don’t take the time to work on the business you could be putting your brand, your reputation and the sustainability of your operation at risk.
Have you ever stopped to think what would happen to your AFSL if you weren’t meeting your licensee obligations?
Do you feel comfortable that if you had a knock on the door from the regulator, your business could point to compliance and risk management processes which highlight your approach in meeting your licensing obligations?
In our meetings with large numbers of self-licensed businesses across the country, the number one concern they have is protecting their brand and reputation.
Quite often, while businesses have every intention of adhering to the rules and requirements, they sometimes misinterpret their obligations or need to make additional process refinements to effectively meet regulatory change.
To prevent this situation, an increasing number of businesses are getting on the front foot when it comes to knowing for sure that their systems and processes are up to scratch.
The benefits of external advice
We are certainly seeing more and more firms seeking an independent party to complete a comprehensive review of the general health of their licensee operations. It is a service we offer practices within Licensee Select, as we believe the benefit of this approach is two-fold:
1. Firstly it sets a clear leadership position within the business that compliance is a serious obligation and not something which the business is willing to compromise on.
2. The second benefit is that it can highlight any ‘blind spots’, and more importantly share some of the practical approaches which other businesses have implemented to effectively meet their obligations.
At the end of the day if you want to have your house in order so you can offer the best possible solutions to your clients, you need to invest the time, effort and resources to keep it that way.
Adam McGuren is the national manager of compliance consulting firm Licensee Select.
