The latest major release of financial services regulatory breach reporting tool, Gadens Breach Manager, now includes updated exemptions, significance tests and a focus on ‘misleading and deceptive conduct’ as a response to insights, industry experience, and important research recently published in April 2022 – State of Financial Services Breach Reporting in Australia.
The Gadens Breach Manager is an innovative web-based tool, powered by Lawcadia’s technology, that helps financial services organisations across Australia navigate highly complex regulatory regimes, including mandatory breach reporting that was introduced in October 2021.
The recent research commissioned by Lawcadia and Gadens highlighted that legal, risk and compliance teams were struggling with the ambiguity and complexity of the different regulatory requirements. It was noted that managing potential breach issues associated with ‘misleading and deceptive conduct’ was prevalent, and that identifying applicable exemptions and significance tests was frustrating and time consuming.
Gadens Partner Liam Hennessy said that the industry was maturing in its experience and understanding of the financial services breach reporting regime, and that, along with insights from the recent research study, was a key driver for delivering a step-change in the RegTech tool.
The upgraded Gadens Breach Manager is now even more robust and visually signposted to help legal, risk and compliance teams easily navigate expanded core obligations, exemptions and significance tests. It also clearly incorporates the four arms of significance: material loss and damages, misleading and deceptive conduct, civil and criminal penalties, and otherwise significance tests.
“The Gadens Breach Manager tool includes all the legislation and instruments that a user may need – everything is built-in,” said Mr Hennessy.
“The internal team at Gadens, and our clients, are looking forward to using this because they won’t have to switch between different pieces of legislation or separately look up significance tests. This will reduce the complexity and time required to investigate and report potential breaches,” he said.
According to Lawcadia co-founder Sacha Kirk, “We are excited to work with Gadens on the significant revamp of the Gadens Breach Manager as we are passionate about developing solutions that are founded in industry research, experience and client insights.”
Gadens and Lawcadia will be showcasing the Gadens Breach Manager at a live event on 24 August 2022.
The inaugural State of Financial Services Breach Reporting in Australia – Insights from the first 6 months of the new AFSL & ACL regime has brought to light several key statistics on breach reporting and important challenges facing AFS and AC licence holders
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