Some organisations are still producing TMDs in a very manual way - managing multiple documents, comments, email trails, word styles, and typesetting. The issue is exacerbated when there are multiple TMDs to manage, often hundreds. However, some Financial Services Organisations are re-thinking their approach by leveraging digital transformation initiatives.
HUB24’s digital transformation journey
HUB24’s Head of Product Management, Matthew Jose understands all too well the need to create accurate disclosure having worked within the industry for over two decades. “Disclosure documents are critical in ensuring that the product is compliant and very critical in ensuring we have a product on market to be able to sell to our consumers. There is no real option in getting those documents wrong.”
HUB24 joined over 30 leading Australian and New Zealand Financial Services Organisations to use Objective Keystone as their disclosure documentation tool. Objective Keystone helps HUB24 to mitigate risk by increasing accountability and reducing errors occurring within their documents. This greatly speeds up the process of bringing new products and offers to market by now taking half the amount of time it used to.
HUB24 has transformed its disclosure authoring, approval, and publishing process, using some of the key features in Objective Keystone including the use of:
Smart clause bank which allows authors to update, review and approve common content once
Objective Keystone metadata to drive product variations using conditional rules to drive content variations and fields to auto-populated from key product data
The rich publishing engine, which has reduced HUB24’s time to market as they can instantly publish market-ready TMDs with zero transposition errors and on brand to their different brands within seconds
Fred Xiao, Product Manager at HUB24 points out, “I really like how Metadata is used. I just love how we can essentially change hundreds of documents just from one spreadsheet. It’s a very very powerful tool.”
With the power of automation now embedded into HUB24’s process means that the upcoming review will make their lives a lot easier. Matthew states “If the Objective Keystone system was taken away from me tomorrow, I would probably resign. I’ve been working on disclosure documents within this industry for over 2 decades and this system is one which has absolutely transformed our business.”
Act now and plan with a system in mind
When it comes down to it, the roll will always cause some sort of stress and pain. Here are 4 points to look out for in your upcoming review:
Get them done early – Accommodate for unforeseen circumstances or time to review each TMD with distributors
Leverage templates – FSC has provided templates to guide organisations
Single source of truth – Create a centralised system to maintain all content that is updated and reviewed, as well as approvals to provide a clear audit trail
Leverage automation - Electronically lodge your final documents TMD automating the integration
The TMD review may feel overwhelming but with solutions that are designed to manage disclosure, it doesn’t have to be. Ensure you adopt a fit-for-purpose solution that meets your business needs. Learn in 15 minutes how you can change your life in the upcoming TMD review just like HUB24.