Why audits can help you improve your business and your clients
We sometimes get asked about why Vow is auditing ACLs and the short answer is: because we need to.
Since January 2017, ASIC has delegated the audit process for ACLs to their aggregator. This is part of a broader shift, where the regulator is giving more compliance responsibility to the industry itself.
As a result, Vow has been investing in growing our audit capability. However, our approach is not all about coming in with a clipboard and a red pen. We want to equip every broker with the tools and knowledge to do things the right way.
We know from the past six months of audits that even some of the most professional and experienced brokers can receive red or black audits. This is simply because they didn't know they were doing anything wrong. It's like driving - you may have had a licence for 35 years, but rules will have changed over that time. Your processes need to as well.
The fact is, rules are changing all the time. Here at Vow, we invest significant resources into keeping up to speed with the market, funders, regulators, legislation and regulation. It requires time, money and experts to do this.
As an ACL, you would realise that it's impossible for a small business operator to do the same and look after your clients at the same time. The audits are more like a friendly figure making an assessment, which is much better than waiting for a crunch to come from the regulators. In addition, they help build efficiency into your business, as you'll create better files with less need for rework.
If you want to be audit-ready, we strongly recommend attending one of our compliance workshops. Speak to you state manager about the next one near you.