There are no two ways about it; remediating your customers costs time, money and resources.
However, it’s a necessary process to remain compliant with ASIC’s requirements and maintain a good reputation in the eyes of the public. With the development of CP 350, ensuring that you properly remediate your customers is crucial now more than ever.
To ensure that you are managing your remediation projects in the most time and cost-effective manner, it’s essential to weigh up your options. You can either create your own software tailored to your needs, outsource it to a company that can do it for you, or buy a purpose-built and industry-specific software solution that is ready off the shelf.
Let’s take a closer look at your options…
Building Your Own
It may seem like the easiest way to properly remediate your customers in a way is to make your own software or process to follow so that you can create the perfect solution for your business needs.
Doing so also would meet ASIC’s recommendation to keep the remediation process in-house; “We encourage licensees to develop their own in-house remediation capabilities where possible. This will increase consistency, efficiency and learning in the long term.” (RG 000.243)
However, making your software or implementing a process comes with a myriad of risks and downsides. Not only would you have to take the time to make the software in the first place, you would also have to ensure you know the rules and requirements that you are obliged to meet under CP 350, and update the software as new obligations are agreed upon.
Putting in time and resources into this project is sure to be expensive and often it will be pushed to the bottom of the list as more time sensitive and profit-oriented projects arise. At the end of the day, remediation isn’t going to make you money and it often isn’t seen as a priority, even though you are obliged to have a compliant system in place.
Outsourcing
Let’s face it; getting someone else to manage any remediation projects that arise seems like the simplest option.
However, ASIC does not want businesses to outsource their remediation efforts. In addition to this, it is also costly and not guaranteed to be compliant.
While it may seem like the best way, it’s going to cost you more money and headaches down the track.
Buying A Purpose-Built Solution
When you buy a purpose-built, compliant out of the box software, you know that you will meet 100% of ASIC’s requirements.
Take Remediation Pro® by Causia® for example. It’s a cost-effective solution with just a two week setup, meaning it won’t waste your time or money and you’ll be keeping it in-house.
With Remediation Pro®, you will be able to configure the program to the size and scale of the remediation project. When you first set up a Project, you can alter what you need and calibrate the workflow to suit your needs during the project.
Developed and field tested alongside some of the leading names in the financial services sector and with staff on hand to speak to about any issue you experience, it is easily the smartest option when it comes to remediation.
Book a demo today to find out what it’s all about.
