Even though the analysis looks simple and is completed in just seconds, Mira does a lot of heavy-lifting behind the scenes.
Detecting cookie-cutter advice is a challenge for compliance experts because:
- A typical Statement of Advice has more than 500 data points to analyse in each audit, including complex assessments like insurance churn;
- It is only possible to perform an accurate assessment of cookie-cutter advice when the entire output for a financial adviser is reviewed; and
- The nature of the advice will evolve over time as market conditions and clients change, and as AFSLs and advisers modify the language they use in SoAs.
With over a million SoAs produced in Australia every year, this can prove an impossible task for compliance teams.
TIQK makes the impossible possible by enabling you to conduct an initial audit on every SoA rapidly and effortlessly. During the audit TIQK collects data about the advice itself, and regulatory and Best Interest outcomes. Mira leverages that dataset to build (and constantly update) unique profiles for every financial adviser in your organisation.
We understand that not all advice follows a strict template. Where an adviser gives specific, complex or highly-edited advice, MIRA employs a type of Artificial Intelligence called Machine Learning to quickly adapt to understand what it means.