Model Office is an innovative regulation technology (RegTech) provider, launched in March 2018, that uses artificial intelligence to provide heat mapped dashboards, action tracking, alerts and compliance calendar systems and MO®nitor an industry first compliance policy document audit software that automates client file reviews for financial services firms. This is a vitally important strategic planning service for retail investment advisers (RIAs) and all other participants in the financial services value chain, providing accurate governance, risk and compliance management information, data and automated tasks in one place, as they struggle with meeting their ever-more stringent regulatory obligations, from MiFID and PROD to SM&CR and more.

Using behavioural science and working with compliance and ex-FCA professionals, a diagnostic test is structured as the first stage in a process of automated strategic professional development, which aims to gain a fuller understanding of where a firm is ‘at’ in relation to the key business, people, digital and regulatory development issues.

The purpose of the diagnostic is to move from checklist approach to encourage holistic and strategic thinking and benchmark the firm’s performance against the rules and professional good practice.

  • The output of the diagnostic questionnaire provides a high-level strategic benchmark plan which you can analyse to identify gaps in propositions
  • The main output is colour coded and rated regulatory dashboards, along with a radar chart and key areas for focus and development
  • A dynamic action tracker structured with resources and key actions for focus are provided and actions tracked for evidence-based practice
  • Compliance calendar integrates with each firm’s calendar system to offer automated alerts
  • Signposted ideas and guidance to improve regulatory scores to nudge professional service development journey in the right direction are included
  • A compliance chat bot that offers guidance on improving regulatory scores
  • Automated client file review system that auto-audits compliance policy documents saving time and costs plus acts as a compliance document resource centre
  • Integration with third party practice management technologies (e.g. Intelliflo) to offer streamlined reports such as data quality or advice suitability health checks
  • Financial strength diagnostic allows auditing accounts and offering a heat mapped dashboard on key financial ratios and business value

The Model Office diagnostic platform is updated daily to ensure firms can keep track of new regulatory directives, relevant final guidance and discussion papers and our industry benchmarked research.