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MFAA Prosper : Mortgage and Finance Brief 12
46 | Mor tgage & Finance brief Legal A t the risk of over-simplifying the matter, you are obliged to have documented processes for: • a compliance program; • a risk management program; • managing conflicts of interest; • training and competence structures; • complaints, including your EDRS membership; • demonstrating adequate PI cover; and • planning your human, financial and IT resources. The processes you are required to have should be commensurate with the size and style of your business. While many industry players haven’t fully grasped the gravity of the above obligations, the compliance and legal professions can also be guilty of making it all much 7 general conduct obligations for brokers In the last issue of Mortgage & Finance Brief we looked at the ‘general conduct obligations’ that you will sign off on when you submit your Annual Compliance Certificate to ASIC. But what do these obligations actually mean? Words Greg Ashe harder than it needs to be. We get paid to be pedantic, but I also believe that compliance is useless in isolation from commercial viability. So the following is a brief explanation of what your general conduct obligations most practically mean: What are your plans for the things that can impact your business in the future? (For more on this, see 7 Steps to Risk Management Success, pages 46-47 of Mortgage & Finance Brief, Volume 08 Issue 05, October/ November 2011.) Risk management Not only is it an ASIC requirement, but it makes good sense to have a strong, documented business plan every year and that you ensure the resources you have in terms of people, cash flow and IT are all aligned with your strategy. Resource planning
Mortgage and Finance Brief 11
Mortgage and Finance Brief 13