Recent Posts by Lisa Deschamp

 
VP of Marketing at MCO
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Challenges of Compliance Monitoring for Smaller Firms

Staying on top of the latest regulatory developments in the financial services industry to maintain compliance and stay ahead of potential risk poses significant challenges for firms of all sizes. However, it can be particularly complex for smaller firms, where factors like limited resources and reliance on manual processes can make an already complicated endeavor even more difficult to manage.

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Get the Message! Preserve eComms or Face Steep Regulatory Consequences

Over the past few years, the SEC and CFTC have charged multiple Wall Street firms with widespread recordkeeping failures, handing down staggering penalties of upwards of three billion dollars and counting. In the latest sweeps, the SEC levied fines totaling over $390 million against 26 firms, and the CFTC handed down combined additional penalties of $80 million against three of the firms involved.
 

Are your books and records ready to stand up to regulatory scrutiny?

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Using AI? The Rules of Effective Compliance Still Apply

Artificial intelligence (AI) has emerged as a powerful tool in compliance and technology. From automating routine tasks to analyzing large data sets, AI has been revolutionizing how organizations work and adhere to regulatory standards.  

Using AI in compliance effectively means embracing its potential, but also understanding potential risks and limitations. 

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Too Many Firms Still Track Employee Registration Compliance Manually

Tracking employee compliance credentials including licensing, registrations and continuing education is a complex endeavor. 

Using spreadsheets to track compliance with employee qualification and certification requirements sounds like a cost-effective and simple way to keep track. But when you factor in all of the potential licenses, registrations and continuing education updates that are potentially applicable to employees of a financial services firm and all of the moving parts that go along with them, it’s a daunting task with much room for error.

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Fit for Purpose – Consumer Duty Compliance Remains a FCA Priority

It's been almost one year the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry. 31 July 2024 will be a milestone date, marking not just the anniversary of the Duty but also implementation for closed products and the first Board Report due date.

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