Decimal Software Limited (ASX: DSX; “Decimal” or “the Company”) is pleased to announce that its enterprise financial software has been independently reviewed against the requirements of the Australia Securities and Investments Commission’s (ASIC) Regulatory Guide 255 (RG255).
The Company proactively commissioned the review to assess how effectively its technology enabled superannuation funds and banks to provide compliant advisory services in line with ASIC’s RG255 guidelines on digital advice.
The review was undertaken by leading global risk management and regulatory compliance firm Promontory Financial Group Australasia, an IBM Company.
Decimal CEO Nic Pollock said the review will give the financial services sector greater confidence that Decimal, as an outsourced provider, understands their compliance needs.
“Compliance is a mandatory component for any organisation or provider implementing digital advice but until ASIC released RG255 last year, there was little in the way of documented guidance available,” Mr Pollock said.
“Decimal always considered compliance to be a core and fundamental requirement of our systems, building it in from the beginning. “This independent review demonstrates just how much we understand compliance, and importantly affirms to our clients that our software has the capability to support their strong compliance practices.”
Promontory Financial Group Australasia CEO Dr Jeff Carmichael said the consulting group was increasingly working with financial service providers to determine risk and compliance considerations when it came to technology.
Recently appointed Decimal Non-Executive Director Pauline Vamos, a former CEO of the Association of Superannuation Funds of Australia and distinguished global financial services expert, said the Company’s focus on compliance was one of the key drivers in her decision to join the Board.
“This review and the Company’s overall focus on being a leading provider of solutions that support client needs in a range of areas, including compliance, were important initiatives behind my decision to join,” Ms Vamos said.
The report will not be made publicly available but will be provided on request to clients and prospects for due diligence purposes.
