IRESS integrated its recently acquired data analytics solution with financial planning software XPLAN.
IRESS has made it easier for licensees to identify actual and potential scenarios where advice standards are not being complied with by integrating data analytics solution Lumen with its XPLAN software suite.
IRESS said XPLAN's integration with Lumen - which it acquired in April - would allow licensees to match and analyse additional proprietary or third-party data.
According to IRESS managing director Australia and New Zealand for wealth management Tizzy Vigilante, the oversight function can no longer satisfy its obligations by monitoring advice manually or using a small number of data sets.
Vigilante said two licensees had already signed on to use the newly integrated solution.
"This new integration solution means licensees will receive an in-depth picture of the operational performance of their business and where there is risk," Vigilante said.
"This includes being able to access pre-configured compliance monitoring for ASIC's key risk indicators (REP 515 & 499) to satisfy compliance and regulatory requirements. In addition, all outcomes are recorded for more efficient reporting to auditors and ASIC."
"We expect this to be the only way oversight will be sustainable in the future and look forward to working with licensees to visualise all of their data."
Earlier this year Papua New Guinean bank and wealth management firm Kina expanded its relationship with IRESS by committing to using the firm's Acurity Online fund administration platform.
The $4.3 billion fund administrator said it would use Acurity Online to allow its 700,000PNG members access fund information via an online member portal and mobile app.