Developed in line with ASSORETI recommendations, the solution analyses master data and details of transactions thus providing the heads of internal audit departments with an instrument to monitor distribution network operations through analysis of suspected irregular data and transactions.

It is possible to use ObjectWay TA Web for the analysis of irregularities using three different variables: Indicator of Irregularity, Financial Advisor and Audit Period

The solution permits each indicator of a suspected irregularity to be configured based on criteria determined by the internal audit department thus permitting the specification of the cases to be analysed in detail. Examples:

• Configuration of the minimum amount of an irregularity;
• The assessment of materiality through the assignment of scores with respect to timing, minimum amounts, occurrences and other variables for each suspected irregularity identified;
• The exclusion of products and certain types of transactions that are not required to be audited.

Two types of statistics are generated to provide general indications of irregularity in advisor networks:

• A summary report consisting of a table comparing advisors and indicators of irregularities thus highlighting the results relating to any one specific advisor in comparison with network averages
• A table showing the relationship between risk and the assets under management of a particular advisor and risk and the potential loss that could be caused by an irregularity attributable to a particular advisor

The solution also includes additional support tools in the form of analyses by financial advisor and the results of internal audits conducted on site. The analyses made by internal auditors are archived thus permitting to identify the recurrence of irregularities over time. It is also possible to determine potential economic loss due to irregularities caused by any one particular advisor

ObjectWay TA Web-Distribution Networks Audit is an integral component of the ObjectWay Financial Suite.

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The prime functions of the application are:

• Data entry: The solution provides for manual input of data (cash transactions and balances) combined with a standard interface for the automated input from this and other ObjectWay Financial Software (e.g., ObjectWay ANT) or third party solutions (e.g., MIS). Input validation in compliance with instructions of the Italian Foreign Exchange Office assure the precise and full input of data into a file transfer archive;
• Transfer of data to the Financial Intelligence Unit: the complete and validated data records are transferred to the Financial Intelligence Unit. The processing of complete and split records is automated and can be seen by users;
• Management of data for the Financial Intelligence Unit: There is a special interface, in accordance with regulatory requirements, for the user to correct data provided to the FIU;
• Reporting of aggregates: There are functions for the generation of summary reports of records to be sent to the Italian Foreign Exchange Office for inclusion in monthly statistics;
• Data searches: data records and related parties can be analysed and extracted based on various search and selection criteria. It is also possible for users to make complex searches of the Financial Intelligence Unit database in response, for example, to requests by the Italian Foreign Exchange Office;
• The Collector of Taxes: The solution has also been configured to process the opening and closing of accounts with the Collector of Taxes.

The solution’s modular and open structure means that it is extremely easy to modify functions and other features following changes in the regulatory framework.

ObjectWay Financial Intelligence is an integral component of the ObjectWay Financial Suite

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