Chapter 3 - SARA, your AI Compliance Agent
Pre-Vetting with Sara
We have re-built Sara, the Statement of Advice Review Assistant.
You can create your SOA Vetting Request and send the SOA to Sara from within the new Sara App.
Using the new Sara, you can upload multiple documents to Sara and map the various document types, so Sara has a thorough understanding of your advice file.
New Advisers
For the first 3 months, new advisers will need to have their SOA’s approved by the compliance team. You can still follow the pre-vetting guide and upload your SOA’s to SARA for review, but final approval will need to be provided by IIP compliance.
Once approved, you can pre-vet your own SOA’s using SARA.
Approved Advisers
Approved Advisers are able to pre-vet their own SOA’s. There is no need to wait for the Compliance teams approval.
Follow the Adviser Pre-vetting Guide for instructions on how to pre-vet your own SOA.
Make sure you upload all your supporting documentation to your primary CRM for easy access by the Compliance Team.
If SARA fails any of the Compliance checks, simply up[date the status of your SOA to ‘Compliance Review, and the Compliance team will be able to review the file.
Following The Pre-Vetting Process
Step 1: Create New Advice Vetting Request
From the Advice Vetting section, click ‘Create SOA’.
Fill Out The SOA Details
Complete the Add SOA Popup. You can search from your existing clients, or create a new client in Sara using the Create New Client checkbox.
Step 2: Sending the SOA to Sara
Once the vetting request has been created, you can send the SOA and supporting docs to Saara for review.
From the top right, click the ‘Send to Sara’ button.
Uploading Files
Click the ‘Choose Files’ button to upload your documents to Sara
Mapping File Types
Once your files are uploaded, you can map each file to their relevant ‘file type’.
This will give Sara additional context what each file contains. When completing the compliance check, Sara will know which document to search for the required information. The more relevant documentation you provide to Sara, the better the outcome will be.
For best results, upload your documents in PDF format.
Once all files are mapped, click ‘Create Review’
Step 3: Assessing the Pre-vet Results
What happens when i receive a ‘Pass’?
If SARA has identified that the file passes the relevant check, you can move to the next check.
What happens when i receive a ‘Fail’?
Action Required: If SARA has identified that the file fails the relevant check, you can take the following steps.
Update Your SOA: Update your SOA with the correct information. Then use the ‘Run Recheck’ feature to send the new information to SARA for re-checking.
Send to your Compliance Manager:
An ‘Adviser Comments’ input will appear.
You are able to make a comment on why the advice remains appropriate. This will be reviewed by the Compliance Manager
Step 4: Print Compliance Report
Once completed, the Pre-vet Result will be displayed.
Action Required: Read the compliance gaps to be addressed.
The compliance gaps will outline the actions to be taken on any identified sections that either fail or need to be reviewed.
Approving The SOA:
If SARA has passed all the compliance checks in the review, you can approve the SOA.
Sending Your SOA For Compliance Review:
If any of the compliance checks have failed, your SOA will need to be reviewed by the Compliance Manager.
Running Pre-vet
SARA will ingest your document/s into the secure document vault for indexing. Once ingested, SARA will run the list of compliance checks on the document/s.
Your Compliance Manager will review :
The SOA;
Supporting documentation in your CRM ;
The SARA Report;
The advisers comments made on the identified Fail check.
Action Required: At the completion of the wizard, click the ‘Print’ button to download the Compliance Report
Action Required: PDF the final downloaded Compliance Report
Actions Required: If the SOA passed all complaince checks, you can mark the SOA Status as ‘Approved’.
If your SOA did not pass all checks it will need a review from the Compliance Manager.
Actions Required: Update the Status of the SOA to ‘Compliance Review’. This will notify your Compliance Manger that it needs checking.
Ensure a copy of your SOA is uploaded in the SOA Doc section.
Awaiting Changes
After reviewing the file, the Compliance team may update your SOA to ‘Awaiting Changes’. This means you need to update your SOA to meet the compliance standards.
Make the recommended changes and update the status back to ‘Compliance Review’ for the Compliance Team to approve.
Do you need any further assistance?
If you need any assistance or something just doesn’t look right, you can contact the support team on support@insightmp.com.au