Reduce Compliance Risk by Doing More With Less

A recent Deloitte study found that organizations surveyed indicated that that as their compliance programs mature, they are increasingly being asked to ‘do more with less’. Compliance teams must constantly balance meeting regulatory requirements with managing costs and increasing efficiency.

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FINRA Guidance on the Supervision of Independent Contractors

Many of the firms that I work with, both large and small, work with representatives that are independent contractors. I am frequently asked how technology can help firms supervise their independent reps, especially in these days of remote work. The past few weeks have seen FINRA impose significant fines and sanctions against a range of firms for supervisory failures. Firms must have processes in place to monitor activities and mitigate this risk.

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Less is More for Compliance in 2021

In 2021, Compliance expects to face a reduction of staff and budget dedicated to its department, contrasting with the current need for better monitoring of employees’ activities and the raising of regulatory enforcement. This year was a time to re-evaluate compliance programs and review processes. Many Compliance departments spent weeks doing so, coming to the conclusion that a more efficient technology is the only way to reduce the cost of its activities, improve the monitoring of employees and transform inadequate Compliance programs.

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Reasons to Automate Compliance

Why companies are investing in compliance automation in the first place? The automation conversation is being highlighted like never before thanks to the growing interest in the efficiency of compliance activities and the understanding that without technology firms are relying on weak compliance monitoring.

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Start Planning Now for FINRA Renewals

Firms are required to renew the FINRA and state/jurisdiction registrations of their registered reps every year, and the deadlines are coming up fast. Now’s the time to make sure that you have the right framework in place to manage your renewals on time, cost effectively, and efficiently—this year and moving forward.

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