With confirmation of the Conduct of Financial Institutions (CoFI) legislation becoming mandatory as of March 2025. Meeting the requirements outlined in CoFI demands meticulous attention to detail, robust processes, and effective management systems. Leveraging Atlassian tools can be instrumental in achieving these goals, ensuring seamless compliance while improving operational efficiency. Let's investigate how we along with Atlassian tooling can address the multifaceted demands of CoFI as mandated.
1. Documentation and Legal Compliance: Atlassian's Confluence serves as the perfect hub for creating, storing, and managing the documentation required for fair conduct programmes. With its collaborative features, teams can collectively craft policies and processes that align with legal obligations under various Acts such as the Fair Trading Act 1986 and the Consumer Guarantees Act 1993.
2. Designing and Managing Services: Jira, Atlassian's project management tool, enables teams to design, manage, and review the provision of financial services and associated products to consumers. Through customisable workflows, teams can ensure that steps and processes are adhered to, communications sent, approvals granted, and documents processed and stored meeting the regulations. This will also greatly reduce time and admin for your teams.
3. Risk Identification and Management: Atlassian tools provide a robust framework for identifying, monitoring, and managing risks associated with non-compliance. With Jira's issue tracking capabilities, teams can define clear roles, responsibilities, and accountability arrangements, maintain comprehensive records, and generate regular reports for effective risk management and reporting to governing bodies. Atlassian is also an NZ government approved cloud service supplier so .
4. Additionally Atlassian tooling can help with employee Training and Supervision: Through tools like Jira Service Management and Confluence, financial institutions can deliver initial and ongoing training, track completion, and monitor employee performance to ensure adherence. Communication and Consumer Engagement: for timely and effective communication, ensuring that consumers are informed about relevant services, required documentation, and associated products. Continuous Improvement and Remediation through regular reviews of workflows, teams can identify areas for enhancement or improvement, promptly remediate deficiencies, and ensure compliance across all teams with evolving regulatory requirements.
With Atlassian tools we offer a comprehensive solution for addressing the complex requirements of CoFI. By leveraging these tools, organisations can streamline compliance efforts, meet regulatory requirements, and ultimately, build enduring trust with consumers. As regulatory landscapes change we can partner with you to ensure ongoing adherence and making lasting improvements to your processes and administration.
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