As the end of year is wrapping up, it’s a good time to take a critical look at your compliance calendar. A strong compliance calendar can ensure that the firm’s business and all regulatory requirements at the local and federal level are being met.
1) Review your Compliance Manual. This allows your compliance team to check that any new regulation is addressed in your firm’s policies and that the compliance processes in place match what is outlined in your manual.
2) Consider Automation. If not already in place, it’s worth considering a compliance tool like MyComplianeOffice Know Your Employee (KYE) to transition the compliance calendar from Outlook and Excel to a centralized system where compliance officers can access reports and ensure they are meeting the needs of the business as well as regulatory requirements.
3) Take a critical look at your compliance program. The end of year is a good time to add enhancements to the oversight of your compliance program and review your current processes. It’s also an opportune time to remove elements in your compliance program that are no longer relevant to updated legislation or the needs of the business.
4) Check with the Regulators. The SEC provides guidance on requirements; for newly registered investment advisers as well as for broker-dealers
5) Organize the occurrence of tasks based on the needs of the business. Your calendar may include ongoing, monthly, quarterly or annual tasks. The frequency will vary based on your obligations to regulators and your internal processes. High-risk areas may require more frequent compliance management.
If you would like to set up automatic reminders to your compliance team or employees, a solution like MyComplianceOffice can assist. In the MyComplianceOffice Know Your Employee (KYE) solution, you can use our rules engine to create an automated calendar of tasks for both compliance and your employees. You can arrange a call to learn more about MCO here.