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Overview

• On August of 2016, the Financial Services Commission announced that the robo-advisor service has been started for proliferation by providing customized asset management services replacing human advisors.
• The participants, such as financial companies, start-ups, asset management companies, etc., who want to use robo-advisor services could verify its algorithm stability and reliability in the test-bed where Koscom has provided and operated.
• Confirming the minimized regulations of evaluating system stability, hacking prevention measure, and security for ensuring the safe investment for investors.

Responsibilities of RA test-bed office

• Confirming reliability & safety and examining validity & suitability of robo-advisor.
• Providing systematic information for protecting investors. (www.RAtestbed.kr)
• Supporting to build monitoring system on robo-advisor.
• Coordinating to create the sound market ecosystem of robo-advisor.

Examination stage of RA test-bed

Main criteria of examination on RA test-bed

• (Qualifications) Qualifications for participants, automation of algorithm, managed asset
• (Rationality of algorithm) Checking rationality of the algorithm explanation and reliability of test result
• (Personal customization) Calculation capability on multiple portfolio which is categorized by each function and characteristic of preference analysis in various aspects
• (Diversified investment) Managing the asset with the product and item which is managed over the minimum required level
• (Reasonable re-balancing) Establishing standards and principles for re-balancing; and verifying whether or not the re-balancing is effectively implemented
• (Multi-account operational capability) Simultaneous management of multiple accounts without error in algorithm
• (Legal compliance) Functions to prevent investment prohibited by law
• (Maintenance expert) IT expert of algorithm and system maintenance
• (System security) Securing system to protect core information of robo-advisor
• (System stability) Manuals and related systems to response to disorders

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