“I have seen firsthand how the most successful SMSFs are not just ticking boxes; they are reimagining risk management for a new era,” she said.

Banton continued that there are a number of factors that set “forward-thinking” SMSF professionals apart, including the fact they leverage technology, not just for efficiency, but for predictive risk management.

“AI-driven analytics and automation aren’t just buzzwords – they are tools for identifying emerging risks before they become problems,” she said.

“These professionals also foster a culture of continuous learning. Staying ahead means investing in technical education and sharing best practices across the sector.”

Furthermore, she said these “forward-thinking professionals” challenge the status quo and instead of relying on legacy systems, pilot new solutions such as blockchain for asset verification or real-time compliance dashboards.

“SMSF trustees can also implement practical strategies to manage and reduce risk effectively,” she said.

“Firstly, audit your digital risk profile. When was your last cyber security review? Are your digital asset keys securely protected? Is multi-factor or two-factor authentication (MFA/2FA) set up?”

Additionally, trustees should also adopt predictive analytics and use data to anticipate compliance issues and market shifts, not just to report on them.

“They should also collaborate and share and join industry forums, participate in council initiatives, and learn from case studies, as innovation thrives on shared knowledge,” she added.

Finally, Banton said SMSF trustees should invest in education and prioritise ongoing training, particularly on new asset classes and regulatory changes.

“SMSF risk management is no longer just about avoiding penalties; it’s about building robust funds that thrive in uncertainty,” she said.

“By combining regulatory diligence with innovation and a forward-thinking mindset, the aim is to strengthen the resilience of SMSFs and safeguard retirement savings.”