Media Release | Gadens Announces Major AFSL Update to its Breach Manager Application
1 October 2021
With the AFSL/ACL regime dramatically changing on 1 October 2021, Gadens has updated our Breach Manager Application to include the collation and categorisation of any deemed significant breaches within the revised regime.
1300+ deemed significant breaches
500+ hours of regulatory research
Gadens Partner, Liam Hennessy said the enormity of the regime has brought many additional challenges to Risk and Compliance teams, who were already grappling with the management of a wide spectrum of provisions:
“Navigating over 1,300 deemed significant breaches in just the AFSL/ACL regime, in addition to all the other relevant regimes in their sector, poses a large burden on Risk and Compliance teams. Our team have worked incredibly hard to simplify this process for them.”
The Gadens Breach Manager, powered by Australian legal technology company, Lawcadia, now has over 1300+ deemed significant breach provisions of the AFSL/ACL regime available through an easy-to-use and intuitive interface.
Since April 2021, the Gadens Breach Manager has been successfully helping organisations within the financial services sector manage the depth and breadth of mandatory breach reporting. With now over 1300+ AFSL deemed significant breach provisions intuitively incorporated, the game has now truly changed.
Gadens Breach Manager is the first-of-its-kind, cloud-based RegTech platform, that streamlines the information collation, assessment and reporting process of potential regulatory issues to one online platform, allowing financial services institutions across the country to ensure defensible, timely and cost-effective compliance with the new and newly important regimes, including BEAR/FAR, ADI, AFSL and ACL obligations, AML/CTF, Privacy, Design & Distribution, COBCOP & GICOP amongst others!