Introducing: Ivana

Meet Ivana, your Intelligent Virtual Advice Network Assistant (IVANA).

Ivana is an AI powered AFSL Compliance Assistant, built to assist compliance managers to complete file reviews.

Empower Your Advice with Artificial Intelligence

We have developed a state-of-the-art AI powered compliance assistant to help you make informed decisions.

Ask Ivana is NOT like other compliance solutions!

Most compliance technology (regtech) solutions are built around a ‘rules-based’ approach to reviewing advice. Meaning that every SOA needs meet the pre-determined ‘rules’ to pass the compliance checks. These rules only check if the SOA contains mandatory sections and disclosures.

Ask Ivana is different - because the technology uses Artificial intelligence, Ivana is able to understand the clients objectives and relevant circumstances. Ivana is able to subjectively test the appropriateness of the advice, and how the advice leaves the client in a better position.

FAQ’s

What is Ask Ivana?

Ask Ivana (the app) facilitates the testing of the appropriateness of your advice as a pre-vetting tool.

How does it work?

Simply upload your SOA to the Ask Ivana App.

Ask Ivana will extract the text from the SOA for compliance analysis by a trained AI. This process is controlled by specific question and answer parameters that maximise the power of OpenAI's technology.

Once the compliance check has been completed, the Ask Ivana app will produce a Compliance Report containing it’s finding and any suggested improvements. The user can also chat directly to Ivana to ask additional compliance questions relating to the file.

What does it test for?

  • Best interests duty - s961B(1): An advice provider must act in the best interests of the customer in relation to the advice they provide to the customer.

  • Safe harbour for complying with the best interests duty - s961B(2): Section 961B(2) provides a ‘safe harbour’ that advice providers may rely on to prove they have complied with the best interests duty. If an advice provider shows they have taken the steps in s961B(2), they have met their obligation to act in the best interests of the customer.

  • Providing appropriate advice - s961G: Advice providers must only provide advice if it is reasonable to conclude that the advice is appropriate for the customer, assuming the best interests duty has been complied with.

  • Prioritising the interests of the customer - s961J: When providing customers with advice, advice providers must place the interests of the customers ahead of any interests they have or those of their related parties.

What does it not test for?

Ask Ivana is not a complete file review. It focuses on the advice document and the appropriateness of the advice. The compliance review does not take into account additional supporting documentation such as the FSG, file notes and other background research.

The review does not consider additional obligations such as giving a Fee Disclosure Statement and Opt-In provisions.

What Large Language Model (LLM) is used?

Ask Ivana currently uses OpenAI’s GPT-4.

What personal information is shared with OpenAI?

Ask Ivana uses safe AI. The GPT-4 model has been deployed to our own secure environment using the Microsoft Azure’s OpenAI.

No personal information is shared with the ChatGPT model.