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  • Board and Senior Management Involvement

    • DA-1.1.1

      Board and senior management of the licensees providing digital financial advice must maintain effective oversight and governance of the digital financial advice process and the client-facing tool. The board and senior management must establish sound policies, procedures, systems, methodologies and tools in relation to the provision of digital financial advice. Such policies must be comprehensive and cover the following:

      (a) System design and system design documentation;
      (b) Construction of the algorithms, changes and their maintenance;
      (c) Suspension of the use of digital financial advice tool should there be errors;
      (d) Security and access controls;
      (e) Updating input parameters on a timely basis, for example, factors such as market changes or changes in law;
      (f) End to end processes for the advisory service using the digital financial advice tool;
      (g) Oversight over the management of the client-facing tool; and
      (h) Documentation of test strategy explaining scope of testing the algorithms.
      Added: April 2019