GRC Best Practices for Scaling Businesses in 2025

Scaling a multi-adviser firm in 2025 comes with immense opportunities—but also complex challenges around compliance, governance, and operational efficiency. What worked for a small advisory team—informal review chats, scattered document folders, or basic checklists—quickly turns into inefficiency, inconsistency, and increased risk as the business grows. That’s where structured processes built around Quality Assurance (QA), version control, and audit trails become essential.

This blog explores how multi-adviser firms can strengthen their review systems while embedding Governance, Risk, and Compliance (GRC) frameworks into everyday operations. Beyond boosting efficiency, GRC ensures firms remain accountable, transparent, and fully aligned with regulatory obligations, protecting both reputation and client trust.

Key takeaways from this guide include:

Quality Assurance (QA): Standardised checklists, peer reviews, and compliance checkpoints to deliver consistent, high-quality financial advice.

Version Control: Robust systems to track every edit, maintain document integrity, and ensure advisers always work with the correct version.

Audit Trails: Automated, time-stamped logs that provide transparency, strengthen compliance, and simplify regulator audits.

Governance Risks: Without proper processes, firms face inconsistent advice quality, accountability gaps, regulatory non-compliance, reputational damage, and data integrity risks.

Technology Integration: Purpose-built GRC solutions automate version control, audit trails, and compliance workflows, freeing advisers to focus on client outcomes.

The article also highlights how regulatory bodies like ASIC continue to increase their focus on compliance management, making it vital for multi-adviser firms to adopt structured frameworks. Firms that fail to establish robust GRC systems risk penalties, client dissatisfaction, and long-term reputational harm.

On the other hand, firms that embrace technology-driven compliance solutions see tangible benefits—reduced document errors, improved accountability, and smoother audits. A real-world case study demonstrates how a mid-sized advisory practice implemented a GRC framework, reduced errors by over 60% in six months, and passed a regulatory audit with zero findings.

Ultimately, scaling a multi-adviser firm successfully requires more than just adding headcount. It demands a foundation of governance, structured review processes, and compliance systems that can scale alongside the business. By integrating QA, version control, and audit trails within a broader GRC strategy, firms can grow sustainably, safeguard their licence obligations, and continue delivering consistent, compliant, and high-quality financial advice.

Whether you are considering building an in-house compliance function or outsourcing paraplanning and financial advice support, this blog underscores why Governance, Risk, and Compliance are not optional—they are essential enablers of sustainable

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September 17, 2025
September 17, 2025
Governance Risk and Compliance in Scaling Reviews
2025
brokerssupport.com.au/blog/scaling-reviews-governance-risk-compliance/
Scaling Reviews for Multi‑Adviser Firms: QA, Version Control,
and Audit Trails
Aagam Shah
Paraplanning
Scaling Reviews for Multi‑Adviser Firms: QA, Version Control, and Audit
Trails
As multi-adviser firms grow, managing client advice and compliance becomes
increasingly complex. What worked when the firm was small, simple checklists, informal
review chats, and scattered document folders, quickly became a recipe for inefficiency
and risk. More advisers mean more documents, more client interactions, and higher
chances of errors slipping through the cracks. That’s where structured processes around
Quality Assurance (QA), version control, and audit trails come in.
But it’s not just about efficiency. At the heart of scaling these processes lies something
even more critical: strong governance risk and compliance practices. Without them,
firms face not only operational chaos but serious regulatory and reputational

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consequences.
Many multi-adviser firms today are exploring outsourced financial advice and
paraplanning solutions to handle growing compliance and operational demands as they
scale. While outsourcing helps reduce overhead, it also raises important questions
around governance, version control, and auditability.
Let’s explore how multi-adviser firms can approach this challenge and why focusing on
governance isn’t optional, it’s essential.
 Key Takeaways:
QA ensures consistent, high-quality advice.
Version control tracks every document change.
Audit trails provide transparency and compliance proof.
Poor governance increases compliance and reputational risks.
Strong frameworks are vital for scalable, outsourced solutions.
Why Scaling Review Processes Is Challenging
When your firm has one or two advisers, keeping track of client records, Statements of
Advice (SOAs), and compliance tasks might be manageable. But as the number of
advisers grows, so does the flow of documents, revisions, and client interactions.
Without a structured system:
Advisers may follow different processes.
Versions of critical documents can get lost or overwritten.
Important compliance steps might get missed.
There’s no clear record of who approved what and when.
This opens the door to poor client outcomes, regulatory breaches, and significant
governance risk and compliance issues. So, how do you prevent that?

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Quality Assurance: The Backbone of Consistency
At its core, Quality Assurance (QA) is about ensuring that every piece of advice going
to a client meets a consistent standard. It’s not just ticking boxes for the sake of
compliance, it’s a way to deliver reliable, high-quality advice that clients can trust.
What Good QA Looks Like:
Standardised Checklists: Clear templates and guidelines ensure that every
adviser covers the right points in every SOA or Record of Advice (ROA).
Peer Review: A second set of eyes helps catch errors or omissions that the
original author might have missed.
Compliance Checkpoints: Specific compliance steps are embedded into the
review process, reducing the risk of non-compliance.
The Benefits:
Implementing a strong QA process helps reduce mistakes, improves adviser
accountability, and creates a clear path for compliance. It forms the first line of defense
against governance risk management and compliance failures.
Version Control: Tracking Every Change with Confidence
Version control might sound like a technical term reserved for software developers, but
in the context of multi-adviser firms, it’s a game changer.
Without version control, firms often face situations where:
Multiple versions of an SOA exist.
It’s unclear which version was sent to the client.

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Changes happen without proper records of who made them or why.
A robust version control system ensures:
Each document has a unique version number and timestamp.
Every edit is logged along with the identity of the editor.
Previous versions remain easily accessible for reference.
This is critical for compliance and risk management because it provides clear
accountability and a reliable history of document changes. It makes internal reviews
more efficient and regulatory audits far less painful.
Audit Trails: Creating Transparency
An audit trail is a detailed, time-stamped record of every action taken on a document,
from creation to approval to final distribution.
Why are audit trails indispensable?
They offer transparent records that prove the firm followed the correct processes.
In the event of a compliance review or dispute, they show exactly who did what
and when.
They allow firms to spot unusual activities that could indicate errors or even
misconduct.
For firms managing multiple advisers, automated audit trails remove the guesswork.
Instead of relying on manual logs, an automated system tracks every interaction,
reducing the risk of human error and making compliance audits straightforward.
Governance Risks That Arise Without Proper Processes
Skipping structured review practices doesn’t just slow you down, it introduces real
governance risks and compliance challenges.
Here are the key risks multi-adviser firms face when these processes are lacking:
1. Inconsistent Advice Quality
Without a standardised QA process, the advice provided can vary dramatically from
adviser to adviser. This inconsistency isn’t just a compliance issue, it affects client trust
and business reputation. Without a robust paraplanning outsourcing strategy backed by
strong governance frameworks, firms risk inconsistent advice quality, unclear version
control, and insufficient audit trails, making compliance audits stressful and risky.
2. Lack of Accountability
Poor version control creates ambiguity. When a mistake is flagged, it’s almost impossible
to trace who made the change or approved the document. This weakens the firm’s
internal controls.

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3. Regulatory Non-Compliance
Regulators expect firms to maintain clear records showing how advice is prepared,
reviewed, and delivered. Without audit trails, firms can’t prove they followed compliance
steps, increasing the risk of fines or license restrictions.
4. Data Integrity Risks
Manual processes or inconsistent digital practices lead to lost files, overwritten
documents, or outdated advice being sent to clients. These gaps are a recipe for
disaster.
5. Poor Risk Identification
When processes are ad hoc, systemic issues go unnoticed. Patterns of recurring
mistakes remain hidden, and compliance loopholes widen over time.
6. Reputational Damage
Compliance failures don’t stay private for long. A single regulatory breach can damage
the firm’s reputation in a competitive market, impacting both client retention and new
business opportunities.
As highlighted by ASIC (Australian Securities and Investments Commission), AFS
licensees and financial advisers continue to face serious compliance risks, especially as
regulatory deadlines approach. ASIC has renewed its warning about licensees failing to
meet obligations, emphasising the critical role of a well-implemented compliance
management system in avoiding penalties and breaches.

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How a GRC Framework Helps
A well-implemented GRC framework (Governance, Risk, and Compliance
framework) is the best way to manage these risks holistically.
What it Provides:
Centralised oversight of all compliance tasks.
Clear governance policies defining responsibilities.
Integrated systems for risk assessment, controls, and reporting.
Using a compliance management system that aligns with your GRC framework allows
you to embed QA, version control, and audit trails into everyday workflows. This turns
governance from a burden into an enabler of growth.
Governance Risk and Compliance Solutions: Leveraging Technology
The good news? You don’t have to build everything from scratch. There are purpose-
built governance risk and compliance solutions designed specifically for financial
services firms.
These tools help by:
Automating version control and audit trail management.
Offering compliance checklists and built-in QA workflows.
Providing real-time dashboards to track governance metrics.
Alerting you when key compliance tasks are due or incomplete.
According to a report published by Institutional Investor, Registered Investment Advisers
(RIAs) are growing their headcount and assets at a faster rate than competitors,
signaling an increasingly complex operational landscape that demands stronger
governance risk and compliance measures
By adopting technology that integrates governance into your firm’s DNA, you reduce
manual errors and free up advisers to focus on what matters most, delivering quality
advice to clients.
A Real-World Example
Consider a mid-sized multi-adviser firm that struggled with audit failures and client
complaints due to inconsistent document practices. After implementing a robust GRC
framework supported by a compliance management system, they:
Standardised their QA processes.
Introduced automated version control and audit trails.
Cut down document errors by over 60% in six months.
Passed their next regulator audit without a single finding.
This shows that solid governance risk and compliance solutions aren’t just for large
firms, they’re essential for firms that want to scale efficiently.

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Conclusion
Scaling a multi-adviser firm doesn’t have to mean more headaches. In fact, it’s an
opportunity to build a strong foundation for sustainable growth. By embedding QA,
version control, and audit trails into your everyday processes, and tying them to a solid
governance risk and compliance framework, you ensure that your firm remains
consistent, accountable, and compliant, no matter how large it grows.
Whether you’re considering hiring an in-house team or engaging an with outsourced
financial services, integrating a solid governance risk and compliance framework will be
key to ensuring your firm delivers consistent, compliant, and high-quality financial advice
as it grows.
The real question isn’t whether you can afford to implement structured governance
processes, it’s whether you can afford not to.
Aagam Shah
Aagam Shah is a visionary leader and Chartered Accountant with a passion for driving
organizational success through strategic financial management. As the CEO of NCS
Global, Aagam brings a wealth of experience in overseeing operations, fostering growth
initiatives, and maintaining a commitment to excellence in client service. His leadership
is characterized by a strong focus on innovation and efficiency, ensuring that NCS
Global remains at the forefront of the outsourcing industry.
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