Session 7A - Strengthen your core business and outsource the rest. Brett Walker Director SMART Compliance
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1 Session 7A - Strengthen your core business and outsource the rest Brett Walker Director SMART Compliance
2 Agenda What is your core business? What should (or could) be outsourced What shouldn t (or can t) be outsourced Implications for your business Monitoring your ESPs Q&A
3 So, what exactly IS your core business Are you in the business of: helping others achieve their financial goals? managing investment portfolios? growing your client/recurring income base? something else This might be your Head Space/Passion
4 Pity you can t just do that all day, isn t it? Harsh reality of business life: Running an office Employing/motivating people Complying with ASIC/FPA/AFA etc. Non-core can be a bore.
5 Decision time So, how much time do you want to spend on your core business compared to the rest? A rhetorical question I know The obvious solution is to outsource and we all do it already most of the time anyway BUT (drum roll) HOW best to outsource?
6 What should (or could) be outsourced Commercial imperatives Time v. dollar cost (value for money) Legal imperatives Liability shifting, risk mitigation Regulatory imperatives ASIC world view what and how to outsource
7 Commercial drivers To do or to spend (bang for your buck) Trusted outsource partners ( black box dilemma ) Maintaining control Exit strategy
8 Legal realities Cannot outsource legal risk per se FOS determination (Basis) Privacy and confidential information SIS Reg 4.16 material outsourcing agreements (see ASIC s RG2.168 below)
9 SIS Reg 4.16 as a guide A material outsourcing agreement must: (a) be in writing; and (b) state the commencement date of the agreement; and (c) contain default arrangements and termination provisions; and (d) provide for dispute resolution; and (e) contain liability and indemnity provisions; and (f) provide for confidentiality, privacy and security of information; and (g) contain a pricing, fee and payments structure in relation to the performance of the material business activity; and (h) contain audit, monitoring and assessment procedures in relation to the performance of the material business activity; and (i) provide for business continuity planning, including transfer protocols relating to the handover of functions from the service provider to either a successor service provider or the RSE licensee on the cessation of the material outsourcing agreement.
10 Regulatory issues ASIC RG ASIC expectations RG2.168 ESP selection ESP monitoring ESP damage control
11 RG2.168 RG If you are going to outsource any of your activities under your AFS licence (whether or not within your corporate group), we expect that you will have appropriate processes in place to ensure that you: (a) have taken due skill and care in choosing a suitable service provider; (b) will monitor their ongoing performance; and (c) can deal effectively with any breaches of the outsourcing agreement or actions that lead, or might lead, to a breach of your licensee obligations.
12 AFSL outsource ideas Research Systems (CRM, portfolio management) SOA preparation Risk profiling Compliance management Training Book keeping Call centres Document storage Tax, legal expertise Non-core financial services expertise Credit expertise
13 What shouldn t (can t) be outsourced? Reasonable basis (KYC, KYP) Legal responsibility for your core functions Legal responsibility for your representatives Licensing obligations
14 Making outsourcing work RG2.168 ESP selection ESP monitoring ESP damage control We need a tool kit for each
15 ESP selection ID the function Cost/benefit of using an ESP to deliver Putting job out to tender Due diligence on potential ESPs Written terms of engagement (a pre-nup) Consider SIS Reg 4.16 Referees
16 ESP monitoring Build the process into TOE Commit to regular review Not pretend reviews, substantive checks Ask what an ESP could get wrong that could close your business Make that your key focus in reviews But check the rest as well (in)efficiency indicators can be a red alert
17 ESP damage control ESP becomes insolvent ESP key person is incapacitated You decide to terminate the ESP TOE should contain worst case directions TOE should contain Dispute Resolution clause SIS Reg 4.16 is a convenient guide
18 In closing Consider what it is you like to do (passion) Consider what else you have to do (drudgery) Cost/benefit analysis of DIY (time) Outsource intelligently (smarts)
19 And remember Use RG2.168 to guide your ESP relationship Use SIS Reg 4.16 as a guide to ESP contract terms Be cautious when using black boxes Consider ESP due diligence for referral partners But, most important of all Put a concrete value on your time up front
20 Strengthen your core business and outsource the rest QUESTIONS? Brett Walker Director SMART Compliance
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